A series of highly anticipated cryptocurrency regulation bills has cleared the U.S. House of Representatives and advanced in Congress.
The fate of three pieces of crypto legislation had been thrown into doubt as a number of Republican lawmakers voiced opposition to the bills earlier in the week.
However, those critics eventually voted to support the legislation that aims to provide a regulatory framework for cryptocurrencies such as Bitcoin (BTC), as well as stablecoins.
Final versions of the legislation are now being prepared for votes in the lower House of Representatives and Senate before being sent to President Donald Trump to be signed into law.
For the crypto industry, which gave tens of millions of dollars to federal politicians during the last election cycle, the struggle to move the legislation forward has been frustrating.
Hopes are high of getting a cryptocurrency regulation framework passed during what has been dubbed “Crypto Week” in Washington, D.C.
The three bills in question include one, the GENIUS Act, which passed the Senate in June, and two others that are moving through the House of Representatives first.
The GENIUS Act, in particular, is highly anticipated by crypto bulls as its sets out a framework for stablecoins that are cryptocurrencies tied to another asset such as the U.S. dollar.
Another bill would bar the U.S. Federal Reserve from establishing a central bank digital currency that could compete against cryptocurrencies such as Bitcoin.
The crypto legislation is expected to be approved and signed into law before Congress takes its summer recess.
Bitcoin is currently trading at $118,154 U.S., having gained 26% this year.
