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

The stablecoin bill, known as the Genius Act, and the crypto market structure bill, known as the Clarity Act, both received notable bipartisan support. Democratic lawmakers joined with Republicans to pass the stablecoin bill 308-122.

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.

ABC News’ Morgan Norwood is joined by House Committee on Financial Services member Rep. William Timmons (R- S.C.) to discuss the newly signed law that would govern cryptocurrencies.

Most entities now considering tapping into stablecoins amid the GENIUS Act’s passage say they would first use them for largely “back-end” purposes, like reducing fees paid by merchants to credit card companies or more easily converting currencies from cross-border payments.

Not all crypto-linked stocks were getting a boost. MicroStrategy, the world’s largest corporate holder of Bitcoin, was down 4.2% on Friday. Shares often follow fluctuations in the price of Bitcoin, which has fallen 1% over the past 24 hours to $117,726, according to CoinDesk.

The measure, which passed the U.S. House with broad bipartisan support after clearing the Senate, is now on track to become law. President Trump lobbied Republicans to support it.

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.