ABC News’ Morgan Norwood is joined by House Committee on Financial Services member Rep. William Timmons (R- S.C.) to discuss the newly signed law that would govern cryptocurrencies.

Coinbase Stock and Robinhood Rise After Crypto Bill Victory. MicroStrategy and Block Also on the Move. Shares of Coinbase Global and Robinhood Markets rallied Friday on the heels of a massive regulatory win that could usher in the wider adoption of cryptocurrencies in the U.S.

After a week of squabbling in Washington, the cryptocurrency industry secured one of its primary legislative objectives and made progress toward a second one.

ABC News' Jay O'Brien reports on the first major federal laws governing cryptocurrency. Vlad Tenev, CEO of online broker Robinhood, discusses the impact on the financial markets.

Most entities now considering tapping into stablecoins amid the GENIUS Act’s passage say they would first use them for largely “back-end” purposes, like reducing fees paid by merchants to credit card companies or more easily converting currencies from cross-border payments.

The measure, which passed the U.S. House with broad bipartisan support after clearing the Senate, is now on track to become law. President Trump lobbied Republicans to support it.

Two major pieces of legislation are headed to President Trump's desk. The House approved Mr. Trump's request to claw back billions of dollars in foreign aid and public broadcasting, and passed a historic cryptocurrency regulation bill.

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.