As Trump prepares to sign the law, Consumer Reports' senior director monitoring digital marketplaces, Delicia Hand, told Ars that the group plans to work with other consumer advocates and the implementing regulator to try to close any gaps in the stablecoin legislation that would leave Americans vulnerable.

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.

Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives.

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.

Crypto assets rose in premarket trading as a result. Trading platforms Coinbase Global and Robinhood rose 2.2%, to $419.95, and 3.4%, to $108.97, respectively. Shares of Block, which earlier this year said it will launch bitcoin payments on Square, rose 1.5% to $71.81.

The SEC chairman called the stablecoin legislation a “historic step” in making the US the crypto capital of the world. The bill, which sets regulatory rules for dollar-backed stablecoins, would require firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators.