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,

President Trump took a step Friday toward his goal of giving the crypto industry clear rules of the road when he signed into law legislation establishing a regulatory framework for stablecoin issuers.

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

Coinbase and Robinhood are among the leading trading platforms listing cryptocurrencies. The Coinbase (Nasdaq: COIN) stock hit an all-time high (ATH) of $444.64 within a few minutes of the market opening hours on July 18. The stock has been hitting record highs of late, thanks to the progress on key crypto bills in the U.S. Congress.