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.

Stellar eyes a 35% rally amid bullish patterns and XRP’s surge, Donald Trump signs a landmark crypto bill: Hodler's Digest

Funding clawback: In a vote early Friday, Congress approved a White House request to claw back $9 billion for foreign aid and public broadcasting, after Republicans bowed to Mr. Trump in an unusual surrender of congressional spending power. The House’s 216-to-213 vote sent the package to Mr. Trump for his signature. Read more ›

Bitcoin price and other cryptocurrencies were recovering on Wednesday following a set back to key crypto legislation Tuesday.Bitcoin is up 2.2% over the past 24 hours to $119,228, according to CoinDesk data.

After an earlier setback for the Trump administration when House Republicans failed to advance a key procedural vote on a package of legislation including three crypto measures, President Donald Trump said late Tuesday he has made a deal with Republican members of Congress to advance the legislation on Wednesday.

The House this week took up a trio of bills that would establish a federal framework for regulating the cryptocurrency industry. One of the measures is about to clear Congress and become law.

"These bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con," warned Rep. Maxine Waters.

Trump showed a draft letter to fire Fed Chair Powell during a GOP crypto discussion, raising questions on presidential authority.