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.

T here 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.

On Thursday, the House passed a bundle of crypto bills, sending one, the stablecoin legislation known as the GENIUS Act, to President Trump's desk. It is expected to be sign into law Friday afternoon and become the first ever piece of major crypto legislation in the U.S.

The crypto industry was headed for a landmark moment in the House with three bills that it helped push going to a vote. But a coalition of ultraconservative House Republicans staged a mutiny.

Experts say the legislation could unleash a tidal wave of new stablecoins—and fresh complaints about President Trump's crypto entanglements.

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

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 fate of long-awaited cryptocurrency legislation in the U.S. Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers from both parties, and shares of some companies in the sector fell.

Crypto week kicks off on Capitol Hill, with lawmakers set to debate a handful of bills that sources say could have a big impact on the market.