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.

Crypto companies such as Coinbase Global and Circle have sought legislation to bring regulatory clarity to their businesses after costly battles with regulators under the Biden administration. They found allies in Trump and many Republicans after pouring money into last year’s election.

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

House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital of the world.”

President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

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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.