President Trump signed the GENIUS Act into law on Friday, establishing a regulatory framework for the roughly $250 billion cryptocurrency market known as stablecoin. Bo Hines, executive director of the President's Council of Advisers on Digital Assets,

In a landmark victory for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins.

With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.