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

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

The Genius Act, which passed in the Senate last month with broad bipartisan support, would create rules of the road for the $250 billion market for stablecoin, a type of cryptocurrency. The bill is also part of a broader push by Republican lawmakers and President Trump to support the cryptocurrency industry and ease regulations around the emerging sector.

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.

Georgia Republican Representative Marjorie Taylor Greene invoked the Bible on Wednesday to declare her opposition to a landmark cryptocurrency bill, equating the legislation’s potential impact to the Biblical end of times.

XRP jumps 6% after the House advances the GENIUS Act, boosting Ripple’s RLUSD strategy and bringing new regulatory clarity.

After a failed House vote, Trump says 11 of 12 key lawmakers now back advancing the GENIUS Act. One day after the U.S. House failed to advance a key crypto legislative proposal, President Donald Trump announced on Truth Social that 11 of the 12 key lawmakers needed to support the GENIUS Act have now agreed to support the rule to advance the bill.

Thirteen Republicans voted against a motion to advance three pro-crypto bills, 12 of whom Trump said would now vote differently.

The House passed a key procedural vote advancing crypto bills GENIUS and Clarity, setting up final debate and votes.

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