Lawmakers in the US have passed the country's first major national cryptocurrency legislation. It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation for years and poured millions into last year's election, backing candidates that included Donald Trump.

Experts say the legislation could unleash a tidal wave of new stablecoins—and fresh complaints about President Trump's crypto entanglements.

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.