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 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.

House Republicans on Wednesday followed directions from President Donald Trump to move forward with a package of legislation that includes three cryptocurrency measures -- a day after hard-liners defied the president and tanked it.