WASHINGTON (AP) — President Donald Trump on Friday will sign into law a new set of regulations for a type of cryptocurrency that are seen as a way to legitimize the burgeoning industry.

The GENIUS Act sets initial guardrails and consumer protections for stablecoins, a type of cryptocurrency that is tied to a stable asset like the U.S. dollar to reduce price volatility. It passed both the House and Senate with wide bipartisan margins.

The measure is meant to bolster consumer confidence in the rapidly growing crypto sector. Its passage comes as Trump makes it a mission to make the U.S. the “crypto capital of the world.”

“Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time,” Trump wrote on his social media site Friday morning as he announced the bill signing.

The House also passed two other bills Thursday that are meant to boost the legitimacy of the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate.

The Republican-controlled House on Thursday passed landmark legislation to regulate stablecoin in a big win for the cryptocurrency industry.

• The GENIUS Act creates a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.
• Advocates say the bill will protect consumers.
• Democrats have raised concerns about President Trump’s financial ties to the crypto indusry.
• Trump last year launched World Liberty Financial, which issued a U.S. dollar-backed stablecoin, and raised raised $550 million selling a different crypto coin known as $WLFI.
• Trump also held a dinner in May for the top purchasers of the $TRUMP meme coin, owned by an affiliate of The Trump Organization.

WASHINGTON – The Republican-controlled House passed a trio of bills on July 17 that amount to a big win for a cryptocurrency industry that has helped make President Donald Trump tens of millions of dollars.

A piece of the landmark legislation package, dubbed the GENIUS Act, creates a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.

Advocates say the primary bill will help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments.

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The main bill, approved by the Senate in June, passed the House by a vote of 308-122, with all Republicans and several Democrats voting in favor. It is now headed to Trump’s desk to be signed into law.

“This is a historic opportunity for the United States. After years of work, American innovators are one step closer to having the clarity they need to build here at home while ensuring the future of the digital economy reflects our values of privacy, individual sovereignty, and free-market competitiveness,” Republican Majority Whip Rep. Tom Emmer of Minnesota said in a statement. 

However, House leadership had hit unexpected hurdles midweek while trying to advance the three crypto bills, with the first procedural votes on July 16 breaking a record for the chamber by lasting about nine hours.

One measure barring the Federal Reserve from creating a central bank for cryptocurrency was a particular sticking point, with Republicans debating how to best set the bill up to succeed in a future Senate vote. It passed the lower chamber on July 17 entirely with GOP support in a 219-210 vote that fell along party lines.

The Clarity Act, which defines when a cryptocurrency is a security or a commodity and clarifies the Securities and Exchange Commission’s jurisdiction over the entire financial sector, also passed the House on July 17 and must head to the Senate.

Senate Democrats have voiced concerns about Trump’s connections to the cryptocurrency industry. 

“The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” said Sen. Elizabeth Warren, D-Massachusetts, on the Senate floor in May. 

One of the biggest money-making ventures for Trump was World Liberty Financial, a cryptocurrency platform launched last year. It brought in $57.3 million and it launched USD1, a U.S. dollar-backed stablecoin.

Trump also held a dinner in May for the top purchasers of the $TRUMP meme coin, owned by an affiliate of The Trump Organization.

However, supporters of the bill maintained that it could help safeguard investors and help Americans have greater access to the financial system.  

“The golden age of digital assets is here, and the U.S. will lead,” said Wisconsin Rep. Bryan Steil in a statement. 

Contributing: Riley Beggin,  Medora Lee and Swapna Venugopal Ramaswamy, USA TODAY