President Donald Trump has signed the GENIUS Act, the first major federal law regulating cryptocurrency, with a focus on stablecoins—digital currencies tied to assets like the U.S. dollar.

The bipartisan bill aims to boost public trust and mainstream adoption of stablecoins by easing rules for banks and issuers.

Trump, who has embraced crypto in recent years and launched his own coin, called the law a step toward making the U.S. a global crypto leader.

Critics, including Rep. Maxine Waters, warn of potential conflicts of interest due to Trump family ties to a stablecoin venture that may benefit from the law, ABC News has reported.

Federal agencies now have six months to draft specific regulations.

Written by B.C. Begley