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 signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

However, as Congress moves on to debate a second bill that would create regulations around cryptocurrencies and exchanges, critics warn that the passage of stablecoin legislation