Lawmakers in the US have passed the country's first major national cryptocurrency legislation. It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation for years and poured millions into last year's election, backing candidates that included Donald Trump.

Congress delivered a watershed victory for the crypto industry on Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Bitcoin price traded down while XRP, Ether, Solana and Dogecoin soared Thursday. Key legislation for crypto, including the GENIUS and CLARITY Acts are currently moving through Congress.