White House Press Secretary Karoline Leavitt also said that President Trump opposes the creation of a central bank digital currency.

If passed, the Crypto Week legislation could lead to new ways to use the currencies, corporate adoption, and institutional investment.

Crypto Week has seen U.S. lawmakers advance three key crypto bills, indicating a shift toward clear rules for stablecoins, tokens, and CBDCs.

Key Points During "Crypto Week" starting July 14, Congress will review two key pieces of crypto legislation.The Genius Act will set the rules of the road for stablecoins, which are already a $250 billion industry.

Bitcoin and other major cryptocurrencies traded higher Wednesday after President Donald Trump said he expects the House to pass the GENIUS Act.

Bitcoin traded down Thursday while several large altcoins were soaring as key pieces of legislation for the crypto sector moved through Congress.

President Donald Trump announced Tuesday evening that he reached a deal with Republican lawmakers to move a cryptocurrency bill forward in the House. Earlier that day, a dozen Republicans, among them House Freedom Caucus members and Rep.

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.

Florida lawmakers helped by the cryptocurrency industry are joining a House majority backing the first crypto regulatory bill adopted by Congress.

Backers of the Genius Act, a potentially landmark bill that could help "stablecoins" go mainstream, say it would greatly speed electronic payments.

Juan Leon, research analyst at Bitwise Asset Management, said these companies' ability to buy bitcoin suggests they represent a bigger source of recent demand than pension, endowment and hedge funds that are major players in stock and bond markets. Strategy and GameStop did not respond to requests for comment.