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

As Trump prepares to sign the law, Consumer Reports' senior director monitoring digital marketplaces, Delicia Hand, told Ars that the group plans to work with other consumer advocates and the implementing regulator to try to close any gaps in the stablecoin legislation that would leave Americans vulnerable.

Technology Technology   The Big Story Trump seals the deal on stablecoin bill President Trump signed the first major cryptocurrency bill into law Friday, marking a key

With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.

In a landmark victory for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins.

Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives.

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.

Crypto assets rose in premarket trading as a result. Trading platforms Coinbase Global and Robinhood rose 2.2%, to $419.95, and 3.4%, to $108.97, respectively. Shares of Block, which earlier this year said it will launch bitcoin payments on Square, rose 1.5% to $71.81.