Stocks tied to crypto trading gained as well. Coinbase rose 4%, hitting an all-time intraday high surpassing its initial pop on its IPO date in 2021, and pacing for its fifth positive week in a row. Robinhood also added 4%. Ether treasury stock Bitmine Immersion continued its rally, jumping 12% Friday.

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.

Trump signed into law the GENIUS Act on Friday – a landmark piece of legislation that establishes federal regulations surrounding digital currency.

The GENIUS Act could open up alternative pathways for financial investments for Black Americans, who disproportionately invest in crypto.

It was a remarkable win for the crypto industry — and for President Trump, who campaigned on making the country "the crypto capital of the planet."

The House this week took up a trio of bills that would establish a federal framework for regulating the cryptocurrency industry. One of the measures cleared Congress and is on its way to enactment.

U.S. President Donald Trump on Friday signed a law to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money.

Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.

A dozen House Republicans bucked Trump and Speaker Mike Johnson to prevent the legislation from advancing on the floor -- joining the entire Democratic caucus -- and, at least temporarily, freezing activity in the House. The final tally was 196-223.