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.

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.

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 voted to advance key crypto bills on Wednesday, after more than 9 hours of negotiations, President Trump intervention.

Biden supports a crypto tax exemption for small transactions under $600 to ease everyday payments, with new legislation forthcoming.

David Sacks, President Trump's AI and crypto czar, speaks at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University on July 15 in Pittsburgh. Photo by Jeff Swensen/

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.

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