House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital of the world.”

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.

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

In a landmark victory for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins.

Ether and other crypto related stocks climbed to end the week as the GENIUS Act heads to President Donald Trump's desk to be signed into law. Bitcoin and its proxies took a breather.The price of ether was last higher by 3.

With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.

Crypto assets rose in premarket trading as a result. Trading platforms Coinbase Global and Robinhood rose 2.2%, to $419.95, and 3.4%, to $108.97, respectively. Shares of Block, which earlier this year said it will launch bitcoin payments on Square, rose 1.5% to $71.81.

The SEC chairman called the stablecoin legislation a “historic step” in making the US the crypto capital of the world. The bill, which sets regulatory rules for dollar-backed stablecoins, would require firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators.