President Donald Trump will sign new cryptocurrency bill into law on Friday

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 legitimise the burgeoning industry.

The GENIUS Act sets initial guardrails and consumer protections for stablecoins, a type of cryptocurrency that is tied to a stable asset like the US dollar to reduce price volatility. It passed both the House and Senate with wide bipartisan margins.

The measure is meant to bolster consumer confidence in the rapidly growing crypto sector. Its passage comes as Trump makes it a mission to make the U.S. the crypto capital of the world.

Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time," Trump wrote on his social media site Friday morning as he announced the bill signing.

The House also passed two other bills Thursday that are meant to boost the legitimacy of the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate.