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

President Trump on Friday signed into law a bill that establishes the first federal framework for dollar-backed stablecoins, one of the biggest victories yet for a crypto industry that has pushed for more favorable oversight in Washington,

Stocks tied to crypto trading gained as well. Coinbase rose 4%, hitting an all-time intraday high surpassing its initial pop on its IPO date in 2021, and pacing for its fifth positive week in a row. Robinhood also added 4%. Ether treasury stock Bitmine Immersion continued its rally, jumping 12% Friday.

With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.

House Republicans are struggling with cryptocurrency legislation that they had expected to pass during what they dubbed “crypto week.”