House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital of the world.”

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.

Phillips also raised concerns around the structure of the new bill, which creates a dual licensing structure for some stablecoin issuers where they can seek either federal or state supervision. He said that it could create a “race to the bottom” for different jurisdictions seeking to attract crypto companies.