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.

The stablecoin bill, known as the Genius Act, and the crypto market structure bill, known as the Clarity Act, both received notable bipartisan support. Democratic lawmakers joined with Republicans to pass the stablecoin bill 308-122.

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.

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 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.

Stablecoin fever is still running hot. Zerohash, a crypto and stablecoin infrastructure startup, is set to raise about $100 million at nearly a $1 billion valuation, according to two sources familiar with the deal.