Trump joked that Congress named the stablecoin legislation, which creates the first federal framework for dollar-pegged stablecoins, after him.

US President Trump is expected to sign the GENIUS Act into law on Friday, marking the first major crypto legislation. Chamber of Progress CEO and founder Adam Kovacevich joins Market Catalysts to discuss the legislation and what it means for the crypto space.

A legislative win in Congress, and the promise of more to come, has helped lift the prospects and the wealth of the cryptocurrency industry.

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.

The GENIUS Act gives stablecoins real legal backing, paving the way for instant payments, lower fees, and a safer digital dollar you can actually trust.

Bitcoin price, XRP and other cryptos have seen big gains this week. The crypto industry notched its first major crypto regulatory win in the U.S. late Thursday.

Two of the legislations — the GENIUS Act and the CLARITY Act — were passed with significant bipartisan support.