President Donald Trump on Friday signed the first major congressional overhaul of cryptocurrency rules into law, delivering on a campaign promise to boost digital asset firms and cementing the industry’s rise as a force in Washington.

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.