The House this week took up a trio of bills that would establish a federal framework for regulating the cryptocurrency industry. One of the measures cleared Congress and is on its way to enactment.

President Trump said the crypto industry was once “mocked and dismissed and counted out,” but now could become a big buyer of U.S. government debt.

Trump signed into law the GENIUS Act on Friday – a landmark piece of legislation that establishes federal regulations surrounding digital currency.

Republicans who voted against the cryptocurrency regulation legislation said they objected to how the bills were structured.

GENIUS Act has been signed into law by President Trump, establishing federal oversight for stablecoins with 1:1 reserve backing requirements.

Wisconsin is currently considering new laws to protect its residents from the menace of crypto scams. According to reports, residents in Wisconsin have lost thousands to the growing crypto scam, showing the need for better regulations that aim to protect them from losing more.