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

Congress passed the first major crypto legislation in the U.S., marking a major milestone for the digital currency sector. And with President Trump's support, the industry plans to march on.

The US crypto industry is celebrating as Congress passed three major bills in its “Crypto Week” legislative bonanza.

As Trump prepares to sign the law, Consumer Reports' senior director monitoring digital marketplaces, Delicia Hand, told Ars that the group plans to work with other consumer advocates and the implementing regulator to try to close any gaps in the stablecoin legislation that would leave Americans vulnerable.

XRP surge pushes price to $3.64 after U.S. crypto regulation boost, helping drive total market cap past $4 trillion alongside Ethereum and altcoin gains.

Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives.

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.

The SEC chairman called the stablecoin legislation a “historic step” in making the US the crypto capital of the world. The bill, which sets regulatory rules for dollar-backed stablecoins, would require firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators.