WASHINGTON (TNND) — President Donald Trump will sign the first-ever major cryptocurrency legislation passed by Congress on Friday.

Trump previewed the signing scheduled for 2:30 p.m. EST on his social media platform, Truth Social, writing, "Big signing at 2:30 in the White House. Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time. All the Democrats do is complain and criticize, AND GET NOTHING DONE. They are a “Party of the Past!”

The bill, known as the GENIUS Act, aims to create guardrails and protections for stablecoins. The "GENIUS" acronym stands for "Guiding and Establishing National Innovation for U.S. Stablecoins."

Stablecoins are a form of cryptocurrency tied to the value of the U.S. dollar, with the goal of the legislation being to help legitimize the digital assets.

On Thursday, the House voted 308-122 to send the Senate-passed act to Trump's desk. Among the over 100 Democrats to join Republicans in passing the bill was Minority Leader Hakeem Jeffries.

Rep. Marjorie Taylor Greene, R-Ga., voted no to the GENIUS Act, writing on social media, "This bill regulates stablecoins and provides for the backdoor Centralized Bank Digital Currency. The Federal Reserve has been planning a CBDC for years and this will open the door to move you to a cashless society and into digital currency that can be weaponized against you by an authoritarian government controlling your ability to buy and sell. Do you actually trust your government to never do that to you? I don’t."

House lawmakers also voted to pass a second crypto market structure bill called the CLARITY Act, which will now be sent to the Senate. The CLARITY Act would create a larger, industry-friendly regulatory framework for digital assets, like crypto.

House Speaker Mike Johnson, R-La., praised the crypto legislation passing, writing, "The CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act deliver on President Trump’s vision to make crypto a core pillar of the U.S. economy and ensure America remains the global leader in this dynamic industry."

The legislation had stalled on Tuesday, after a group of 13 Republicans unexpectedly joined with Democrats to stop the legislation from coming up for debate and votes. While Johnson called it part of the legislative process, it led House leadership to cancel votes for the rest of the day.

The president intervened during a late evening meeting with Republicans at the White House to put the bills back on track. He posted on social media that he expected votes as soon as Wednesday.

"I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule. Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response. MAKE AMERICA GREAT AGAIN!" Trump wrote.

Members of the cryptocurrency industry hope the bills will aid in their push for legitimacy and increasing consumer trust. ________

The Associated Press contributed to this report.