President Donald Trump on Friday will sign into law a new set of regulations for a type of cryptocurrency that are seen as a way to legitimize the burgeoning industry.

President Donald Trump signed the GENIUS Act into law Friday, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar.

"The Genius Act will go down in history as a law that served as a foundational step in mainstreaming of crypto as an asset class," said Chris Perkins, president, CoinFund.