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

It is the first piece of legislation to regulate the cryptocurrency industry to get signed into law in the U.S.

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.

President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar.

President Trump on Friday signed the first major cryptocurrency bill into law, marking a key milestone for an industry that has found a crucial ally in the president. He touted the GENIUS

Europe and the U.S. have acted to regulate Stablecoin issuers and service providers. Could this provide a boost for UK and European fintechs working in the sector?

Democrats have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.

Bank of America CEO Brian Moynihan said the bank is exploring stablecoin initiatives, as Congress considers a bill that would allow private companies to issue their own.