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

Congress delivered a watershed victory for the crypto industry on Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Lawmakers in the US have passed the country's first major national cryptocurrency legislation. It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation for years and poured millions into last year's election, backing candidates that included Donald Trump.