Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.

If passed, the bills could lead to new ways to use the currencies, corporate adoption, and institutional investment.

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

A group of right-wing House Republicans dealt a setback Tuesday to President Trump and GOP leaders' efforts to send legislation establishing the first-ever regulatory framework for stablecoin issuers to Trump for his signature.

The House of Representatives passed to go ahead with key crypto legislation on July 16, which sent the crypto market rallying. Bitcoin was trading at $119,507.85 as per Kraken's price feed.

The U.S. House of Representatives on Wednesday voted to advance two major cryptocurrency bills, the GENIUS Act and the CLARITY Act, setting the stage for a potential regulatory overhaul of the digital asset market.

Backers of the Genius Act, a potentially landmark bill that could help "stablecoins" go mainstream, say it would greatly speed electronic payments.

President Donald Trump said he expects the GENIUS Act to clear a key procedural hurdle Wednesday after the stablecoin bill ran into resistance a day earlier. The price of Bitcoin climbed above $119,000, and shares of crypto companies like Circle and ...