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.

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.

Europe and the U.S. have acted to regulate Stablecoin issuers and service providers. Could this provide a boost for UK and European fintechs working in the sector?

Democrats have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.

Bank of America CEO Brian Moynihan said the bank is exploring stablecoin initiatives, as Congress considers a bill that would allow private companies to issue their own.

The House is voting on a trio of bills intended to boost the legitimacy of the cryptocurrency industry with new regulations