The stablecoin bill, known as the Genius Act, and the crypto market structure bill, known as the Clarity Act, both received notable bipartisan support. Democratic lawmakers joined with Republicans to pass the stablecoin bill 308-122.

After a week of squabbling in Washington, the cryptocurrency industry secured one of its primary legislative objectives and made progress toward a second one.

The measure, which passed the U.S. House with broad bipartisan support after clearing the Senate, is now on track to become law. President Trump lobbied Republicans to support it.

Two major pieces of legislation are headed to President Trump's desk. The House approved Mr. Trump's request to claw back billions of dollars in foreign aid and public broadcasting, and passed a historic cryptocurrency regulation bill.

House lawmakers passed the most significant crypto legislation to date while grappling with a trio of bills aimed at revamping the nascent industry after a revolt from GOP hardliners derailed a

Not all crypto-linked stocks were getting a boost. MicroStrategy, the world’s largest corporate holder of Bitcoin, was down 4.2% on Friday. Shares often follow fluctuations in the price of Bitcoin, which has fallen 1% over the past 24 hours to $117,726, according to CoinDesk.

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.