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.

It was a remarkable win for the crypto industry — and for President Trump, who campaigned on making the country "the crypto capital of the planet."

Bitcoin and other major cryptocurrencies traded higher Wednesday after President Donald Trump said he expects the House to pass the GENIUS Act.

A day after President Donald Trump claimed a deal was reached with GOP holdouts, the House was yet again locked in a standstill over moving forward on a trio of crypto bills -- breaking a record for the longest House vote in recent history.

U.S. President Donald Trump stepped in Tuesday to unite divided Republicans after a failed procedural vote in the House of Representatives jeopardized a series of major cryptocurrency bills.

Trump posted on Truth Social that he has reached an agreement with 11 of the 12 Republicans in the House, whose votes are necessary to pass the GENIUS Act.