Last week, President Donald Trump made dubious history when he signed legislation that gave a rubber stamp to companies — including some owned by his family — to issue their own digital currencies known as stablecoins. Never before has a president signed a bill that legalized his own hustle. 

Not only does this legislation enrich Trump and his crypto cronies, it will expose cryptocurrency investors and the financial system to tremendous risks — like the 2022 crypto crash that reached its peak with the collapse of the fraudulent crypto exchange FTX, but on a more massive scale.

The crypto industry poured hundreds of millions of real dollars into politics to get this bill passed and to advance another. After sending the…