On Tuesday, a dozen conservatives sank a procedural vote to advance three crypto bills, including the GENIUS Act, which would establish a regulatory framework for the $250 billion market for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.

During debate on the House floor, Rep. Angie Craig (D-MN) spoke in support of HR 3633, the Digital Asset Market Clarity Act, and raised concerns about President Trump's family involvement in digital assets.

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.

The Republican-controlled U.S. House of Representatives cleared a key procedural hurdle Wednesday, setting the stage for likely passage of several cryptocurrency bills a day after President Donald Trump intervened to save the initiative.

After a setback when House Republicans failed to advance a vote on crypto-related legislation, Trump said he struck a deal with GOP lawmakers to move it forward Wednesday.