The Senate passed legislation Tuesday that would establish regulations for stablecoins, marking a significant step in cryptocurrency policy.

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,

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.

The U.S. Senate has passed a bill to create a regulatory framework for stablecoins, a once-niche corner of the crypto industry that is gaining traction among global companies.

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

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

The GENIUS Act, which will give the green light to banks interested in stablecoins, but which has also raised fears that it will disintermediate the banking system, will go straight to President Donald Trump's desk once it passes the full House vote later today.

The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump’s desk and marking a major win for the industry.