As Trump prepares to sign the law, Consumer Reports' senior director monitoring digital marketplaces, Delicia Hand, told Ars that the group plans to work with other consumer advocates and the implementing regulator to try to close any gaps in the stablecoin legislation that would leave Americans vulnerable.

The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump,

The total market capitalization of cryptoassets surged past $4 trillion for the first time, driven by a rally in altcoins and momentum from a sweeping US legislative push to regulate the sector.

Technology Technology   The Big Story Stablecoin bill clears House in key crypto victory The House passed a bill setting up a regulatory framework for payment stablecoins,

Europe and the U.S. have acted to regulate Stablecoin issuers and service providers. Could this provide a boost for UK and European fintechs working in the sector?

Democrats have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.

Bank of America CEO Brian Moynihan said the bank is exploring stablecoin initiatives, as Congress considers a bill that would allow private companies to issue their own.