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

Stocks tied to crypto trading gained as well. Coinbase rose 4%, hitting an all-time intraday high surpassing its initial pop on its IPO date in 2021, and pacing for its fifth positive week in a row. Robinhood also added 4%. Ether treasury stock Bitmine Immersion continued its rally, jumping 12% Friday.

Democrats have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.

Europe and the U.S. have acted to regulate Stablecoin issuers and service providers. Could this provide a boost for UK and European fintechs working in the sector?

Bank of America CEO Brian Moynihan said the bank is exploring stablecoin initiatives, as Congress considers a bill that would allow private companies to issue their own.

The House is voting on a trio of bills intended to boost the legitimacy of the cryptocurrency industry with new regulations