The Republican-controlled U.S. House of Representatives cleared a key procedural hurdle Wednesday, setting the stage for likely passage of several cryptocurrency bills a day after President Donald Trump intervened to save the initiative.

One of the bills, known as the Genius Act, would set up oversight of stablecoins, a popular crypto asset typically pegged to a government currency such as the U.S. dollar. That peg keeps their price steady, making them attractive to traders looking for a store of value while they buy and sell more volatile cryptocurrencies.

Over 1 in 5 top Trump appointees reported investments in crypto and other digital assets, far more than previous administrations, a Post analysis found.

The House this week took up a trio of bills that would establish a federal framework for regulating the cryptocurrency industry. One of the measures is about to clear Congress and become law.

Holders of the digital tokens issued by World Liberty Financial, one of the crypto ventures of the family of Donald Trump, voted on Wednesday to make them tradeable, paving the way for their wide sale and purchase -- potentially boosting the value of the president's holdings of them.

The Donald Trump administration is considering a de minimis tax exemption for Bitcoin and crypto transactions, the White House confirmed on July 17. Streamex (BSGM) CEO Henry McPhie Highlights BSGM Merger and RWA Tokenization Strategy in Live TV Interview

US Representative Tim Burchett says they agreed with President Trump to maintain the anonymity of crypto transactions, similar to how cash works. In a Thursday X post, the Tennessee representative commented, “Late night agreement with ⁦Donald Trump⁩ and leadership to keep your crypto transactions private like cash.”

"These bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con," warned Rep. Maxine Waters.

While President Donald Trump’s administration has dropped or rolled-back several high-profile actions against the US digital asset industry, the ongoing case involving crypto mixer Tornado Cash is a significant exception.