Experts say the legislation could unleash a tidal wave of new stablecoins—and fresh complaints about President Trump's crypto entanglements.

Bitcoin price, XRP and other cryptos have seen big gains this week. The crypto industry notched its first major crypto regulatory win in the U.S. late Thursday.

The cryptocurrency industry spent more than $250 million in the last election to help crypto-friendly candidates run for Congress and the White House.

“Crypto Week,” as it was dubbed by GOP leadership, culminated in a bipartisan 308-122 House vote approving the GENIUS Act, a bill setting standards for stablecoins, which passed the Senate in June and which President Donald Trump is expected to sign into law Friday.

Two of the legislations — the GENIUS Act and the CLARITY Act — were passed with significant bipartisan support.

US President Trump is expected to sign the GENIUS Act on Friday, the first major crypto legislation passed by Congress, into law. Yahoo Finance Senior Reporter Ines Ferré outlines the latest. Check out Yahoo Finance's interview with Congressman Mike Haridopolos (R-FL) just after the House passed the GENIUS Act here.

A legislative win in Congress, and the promise of more to come, has helped lift the prospects and the wealth of the cryptocurrency industry.

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.

The GENIUS Act gives stablecoins real legal backing, paving the way for instant payments, lower fees, and a safer digital dollar you can actually trust.