Crypto companies such as Coinbase Global and Circle have sought legislation to bring regulatory clarity to their businesses after costly battles with regulators under the Biden administration. They found allies in Trump and many Republicans after pouring money into last year’s election.

The U.S. House of Representatives passed a bill on Thursday that would develop a regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission's oversight of the industry.

The Republican-controlled House on Thursday passed landmark legislation to regulate stablecoin in a big win for the cryptocurrency industry.