They said the bills would provide a crucial regulatory framework for crypto and help establish the U.S. as a leader in financial and payments innovation.

President Donald Trump on Friday will sign into law a new set of regulations for a type of cryptocurrency that are seen as a way to legitimize the burgeoning industry.

"The Genius Act will go down in history as a law that served as a foundational step in mainstreaming of crypto as an asset class," said Chris Perkins, president, CoinFund.