The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the “crypto capital of the world.”

President Trump, who is rapidly expanding his fortunate by investing in crypto, has now signed the first major piece of crypto legislation into law.

David Sacks speaks next to U.S. President Donald Trump before he signs the "Genius Act", which will develop regulatory framework for stablecoin cryptocurrencies and expand oversight of the industry, at the White House in Washington,

Sen. John Kennedy (R-LA) is leading the charge to warn President Donald Trump that his threats against Federal Reserve Chairman Jerome Powell, which have brewed for weeks, would be a disaster, CNN's Phil Mattingly reported on Wednesday.

President Trump said Wednesday it's "highly unlikely" that he would fire Jerome Powell, but he continued to air his frustrations with the Federal Reserve chair. CBS News MoneyWatch correspondent Kelly O'Grady has more.

Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.