In a week in which Bitcoin hit a new high and the crypto market saw huge gains, the U.S. Congress has officially passed the GENIUS Act, its first national

President Donald Trump on Friday signed the GENIUS Act into law, in a major milestone for the crypto industry and the president’s stated goal of reshaping American crypto policy.

Phillips also raised concerns around the structure of the new bill, which creates a dual licensing structure for some stablecoin issuers where they can seek either federal or state supervision. He said that it could create a “race to the bottom” for different jurisdictions seeking to attract crypto companies.