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 Donald Trump on Friday signed the first major federal law governing cryptocurrency, a business that Trump's family has begun forging strong ties to and has promoted in recent years.

President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.