However, as Congress moves on to debate a second bill that would create regulations around cryptocurrencies and exchanges, critics warn that the passage of stablecoin legislation

President Trump on Friday signed into law the GENIUS Act, the first-ever federal legislation to regulate stablecoins.

The House this week took up a trio of bills that would establish a federal framework for regulating the cryptocurrency industry. One of the measures cleared Congress and is on its way to enactment.

Coinbase Stock and Robinhood Rise After Crypto Bill Victory. MicroStrategy and Block Also on the Move. Shares of Coinbase Global and Robinhood Markets rallied Friday on the heels of a massive regulatory win that could usher in the wider adoption of cryptocurrencies in the U.S.

The House is considering bills to provide regulatory clarity for cryptocurrency and the digital assets industry, including the GENIUS Act for stablecoins and the CLARITY Act.

The measure, which passed the U.S. House with broad bipartisan support after clearing the Senate, is now on track to become law. President Trump lobbied Republicans to support it.

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.

The CLARITY Act and two other crypto bills passed the House with Republican and Democratic support after Maxine Waters criticized them as enabling a "corrupt crypto empire."