After a record-breaking nine hours, the GOP-led House late Wednesday night finally advanced a trio of crypto bills to the floor for debate and consideration by a vote of 217-212.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 cryptocurrency industry reached a major milestone in Washington on Thursday, as Congress cleared legislation outlining the first federal rules for stablecoins, a popular form of digital currency....

Oppenheimer analyst Owen Lau told CNBC the stock reaction was overblown and framed the passage of the bills as a matter of "when" rather than an "if."