It was a remarkable win for the crypto industry — and for President Trump, who campaigned on making the country "the crypto capital of the planet."

The fate of long-awaited cryptocurrency legislation in the U.S. Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers from both parties, and shares of some companies in the sector fell.

Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.

The House of Representatives today approved GENIUS, clearing the way for stablecoin act to go to President Trump for signature. It also passed CLARITY market structure legislation, sending it to the Senate.

Stocks tied to crypto trading gained as well. Coinbase rose 4%, hitting an all-time intraday high surpassing its initial pop on its IPO date in 2021, and pacing for its fifth positive week in a row. Robinhood also added 4%. Ether treasury stock Bitmine Immersion continued its rally, jumping 12% Friday.

The U.S. House of Representatives appeared poised to pass key crypto legislation on Thursday, including the creation of a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins,

A key procedural vote fails in the U.S. House, halting progress on several crypto-related bills as bipartisan pushback stalls industry hopes.

Coinbase contributed $25 million to Fairshake in the first half of 2025, part of $52 million raised so far this year.