The step forward came after several Republican holdouts ultimately flipped their votes after receiving assurances from GOP House leaders that one of the measures -- a bill to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) -- would be attached to the must-pass National Defense Authorization Act.

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.

House passage of the measures marks a breakthrough for the digital assets sector and sends one of the bills to President Donald Trump.

Mich., joins ‘Fox & Friends’ to discuss President Donald Trump’s signing of landmark cryptocurrency bill the Genius Act.

Crypto companies such as Coinbase Global and Circle have sought legislation to bring regulatory clarity to their businesses after costly battles with regulators under the Biden administration. They found allies in Trump and many Republicans after pouring money into last year’s election.

House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital of the world.”

In a landmark victory for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins.

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

President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

Most entities now considering tapping into stablecoins amid the GENIUS Act’s passage say they would first use them for largely “back-end” purposes, like reducing fees paid by merchants to credit card companies or more easily converting currencies from cross-border payments.