Phillips also raised concerns around the structure of the new bill, which creates a dual licensing structure for some stablecoin issuers where they can seek either federal or state supervision. He said that it could create a “race to the bottom” for different jurisdictions seeking to attract crypto companies.

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

Bitcoin price, XRP and other cryptos have seen big gains this week. The crypto industry notched its first major crypto regulatory win in the U.S. late Thursday.

Two of the legislations — the GENIUS Act and the CLARITY Act — were passed with significant bipartisan support.

The U.S. is making real progress on crypto legislation. The House voted on three bills this week -- covering stablecoins, digital asset oversight and a central bank digital currency ("CBDC") ban -- with one already headed to U.

A legislative win in Congress, and the promise of more to come, has helped lift the prospects and the wealth of the cryptocurrency industry.

Blockchain data from Glassnode showed that on-chain value transferred using USDT dropped 20% in the last 24 hours, while USDC’s jumped by nearly 40%.

The GENIUS Act gives stablecoins real legal backing, paving the way for instant payments, lower fees, and a safer digital dollar you can actually trust.