President Trump signed the GENIUS Act into law on Friday, enacting the first major cryptocurrency legislation.

The bill, which sets up a regulatory framework for payment stablecoins, reached Trump’s desk after a tumultuous week in the House, in which competing GOP factions revolted over a trio of crypto bills.

The chaos brought the House floor to a standstill and resulted in the longest vote on record in the chamber. Republican leaders struck a deal late Wednesday night to move forward with consideration of the bills, unfreezing the floor and allowing votes to proceed on Thursday.

The House ultimately voted 308-122 to pass the GENIUS Act, with 102 Democrats joining most Republicans to support the legislation.

Here’s are five things to know about the newly minted stablecoin law:

'Seal of approval’ for crypto industry

The signing of the GENIUS Act marks a key milestone for the industry, as the “first step of the U.S. government really regulating cryptocurrency,” said Rob Nolan, a partner at Duane Morris and a member of the law firm’s digital assets and blockchain group.

As the first major digital assets bill to clear Congress and receive the president’s signature, it imbues the industry with new legitimacy.

“It’s a big deal because when you have a law ... it essentially gives a Good Housekeeping........

© The Hill