The measure, which passed the U.S. House with broad bipartisan support after clearing the Senate, is now on track to become law. President Trump lobbied Republicans to support it.

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,

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

The bipartisan legislation, which passed the Senate in June and is likely to be voted on by the House this week, is the first-ever piece of stablecoin regulation. It would allow private entities to issue their own stablecoins, as long as they are fully backed by U.S. Treasuries. That will open the Treasury up to a whole new set of investors.