Mich., joins ‘Fox & Friends’ to discuss President Donald Trump’s signing of landmark cryptocurrency bill the Genius Act.

Congress passed the first major crypto legislation in the U.S., marking a major milestone for the digital currency sector. And with President Trump's support, the industry plans to march on.

The stablecoin bill, known as the Genius Act, and the crypto market structure bill, known as the Clarity Act, both received notable bipartisan support. Democratic lawmakers joined with Republicans to pass the stablecoin bill 308-122.

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

The House is considering bills to provide regulatory clarity for cryptocurrency and the digital assets industry, including the GENIUS Act for stablecoins and the CLARITY Act.

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.

Get the latest news on President Donald Trump’s second term in the White House and the Republican-led Congress.

Most entities now considering tapping into stablecoins amid the GENIUS Act’s passage say they would first use them for largely “back-end” purposes, like reducing fees paid by merchants to credit card companies or more easily converting currencies from cross-border payments.