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.

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 House has passed three bills intended to boost the legitimacy of the cryptocurrency industry with new regulations as President Donald Trump has pushed to make the U.S. the "crypto capital of the world.