The House of Representatives voted to regulate digital currencies and protect their owners on Thursday during what many lawmakers called "crypto week."

Most entities now considering tapping into stablecoins amid the GENIUS Act’s passage say they would first use them for largely “back-end” purposes, like reducing fees paid by merchants to credit card companies or more easily converting currencies from cross-border payments.

US President Trump is expected to sign the GENIUS Act into law on Friday, marking the first major crypto legislation. Chamber of Progress CEO and founder Adam Kovacevich joins Market Catalysts to discuss the legislation and what it means for the crypto space.

The House of Representatives passed the GENIUS Act, making it the first major piece of federal legislation to regulate stablecoins.

The stablecoin bill, known as the Genius Act, and the crypto market structure bill, known as the Clarity Act, both received notable bipartisan support. Democratic lawmakers joined with Republicans to pass the stablecoin bill 308-122.

A legislative win in Congress, and the promise of more to come, has helped lift the prospects and the wealth of the cryptocurrency industry.

There 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.

The GENIUS Act gives stablecoins real legal backing, paving the way for instant payments, lower fees, and a safer digital dollar you can actually trust.