House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital of the world.”

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.

On Thursday, the House passed a bundle of crypto bills, sending one, the stablecoin legislation known as the GENIUS Act, to President Trump's desk. Trump signed it into law Friday afternoon, making it the first ever piece of major crypto legislation in the U.S.