President Donald Trump on Friday signed the GENIUS Act into law, in a major milestone for the crypto industry and the president’s stated goal of reshaping American crypto policy.

Crypto backers rejoiced on Friday, after the U.S. House of Representatives passed major legislation to regulate stablecoins.

The legislation, called the GENIUS Act, will be the first major law governing digital currency, establishing a regulatory framework for the $250 billion stablecoin market.