The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the “crypto capital of the world.”

President Trump signed the GENIUS Act, a law designed to regulate payment stablecoins and bring legitimacy to the cryptocurrency industry. Officially titled "Guiding and Establishing National Innovation for US Stablecoins,

President Trump signed a landmark bill to regulate cryptocurrency on Friday, hailing the "exciting new frontier" for the technology one day after the bill passed the House.