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 signed the first major cryptocurrency bill into law Friday, marking a key milestone for an industry that has found a crucial ally in the president. He touted the GENIUS Act, which establishes a regulatory framework for dollar-backed digital tokens called stablecoins,

Two of the legislations — the GENIUS Act and the CLARITY Act — were passed with significant bipartisan support.