The step forward came after several Republican holdouts ultimately flipped their votes after receiving assurances from GOP House leaders that one of the measures -- a bill to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) -- would be attached to the must-pass National Defense Authorization Act.

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.

House passage of the measures marks a breakthrough for the digital assets sector and sends one of the bills to President Donald Trump.

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

Galaxy is expanding aggressively to meet surging demand and remain competitive as more investors flood into the cryptocurrency sector, the company’s global head of asset management said.

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.

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.

Not all crypto-linked stocks were getting a boost. MicroStrategy, the world’s largest corporate holder of Bitcoin, was down 4.2% on Friday. Shares often follow fluctuations in the price of Bitcoin, which has fallen 1% over the past 24 hours to $117,726, according to CoinDesk.