President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

Shares of crypto-linked companies jumped on Monday, as ether prices scaled their highest this year after President Donald Trump signed into law a bill regulating stablecoins in the U.S.

President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which establishes federal guardrails for digital assets pegged to the U.S. dollar, lessening restrictions for crypto to be included in 401(k) plans.