President Donald Trump is slated Friday to sign the first major federal law governing cryptocurrency, a business that Trump's family have begun forging strong ties to and have promoted in recent years.

The GENIUS Act could open up alternative pathways for financial investments for Black Americans, who disproportionately invest in crypto.

The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the “crypto capital of the world.”