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

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

President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar.