Republican House leaders anticipate passing an industry-friendly stablecoin regulatory bill this week, sending Congress’s first major digital assets legislation to the president and kicking off a series of votes on related measures that supporters have dubbed “Crypto Week.

The SEC chairman called the stablecoin legislation a “historic step” in making the US the crypto capital of the world. The bill, which sets regulatory rules for dollar-backed stablecoins, would require firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators.

The House has passed two bills intended to boost the legitimacy of the cryptocurrency industry with new regulations as President Donald Trump has pushed to make the U_S_ the "crypto capital of the world.

The $4 trillion milestone underscores how far the crypto industry has come from its speculative, fringe origins. With growing interest from asset managers, new exchange-traded pro