President Trump held a signing ceremony at the White House on Friday after Congress passed the GENIUS Act, a landmark federal law that will regulate cryptocurrency. Specifically, the GENIUS Act will set government guidelines for the cryptocurrency known as stablecoin.

On Tuesday, a dozen conservatives sank a procedural vote to advance three crypto bills, including the GENIUS Act, which would establish a regulatory framework for the $250 billion market for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.

The House of Representatives voted to regulate digital currencies and protect their owners on Thursday during what many lawmakers called "crypto week."

Trump refused to take questions from reporters before and after signing the Genius Act in the White House on Friday afternoon. The Guiding and Establishing National Innovation for US Stablecoins Act establishes the first-ever federal rules for stablecoins, which are cryptocurrencies linked to the US dollar.

Here are some of the latest stories Wall Street is watching on Friday, July 18. Federal Reserve Chair Jerome Powell is defending the Fed’s $2.5 billion headquarters renovation amid criticism from the White House.