President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might.

President Donald Trump is slated Friday to sign the first major federal law governing cryptocurrency, a business that Trump's family have begun forging strong ties to and have promoted in recent years.

Congress advances a series of crypto bills aimed at creating regulatory frameworks while critics warn of financial risks, citing gaps in provisions to combat cross-border dirty money flows.