Crypto, Congress
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The US crypto industry is celebrating as Congress passed three major bills in its “Crypto Week” legislative bonanza.
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.
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."
1don MSN
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 crypto industry will take a step closer to going mainstream this week as a series of industry-friendly bills progress through Congress, paving the way for digital assets to potentially be further integrated into traditional finance.
A key procedural vote fails in the U.S. House, halting progress on several crypto-related bills as bipartisan pushback stalls industry hopes.