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.

It is the first piece of legislation to regulate the cryptocurrency industry to get signed into law in the U.S.

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.