The U.S. House of Representatives appeared poised to pass key crypto legislation on Thursday, including the creation of a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins,

The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump’s desk and marking a major win for the industry.

The Senate passed legislation Tuesday that would establish regulations for stablecoins, marking a significant step in cryptocurrency policy.

That strategy will become tricky. Coinbase CEO Brian Armstrong has advocated for bundling the two bills together, arguing that only passing the stablecoin bill may hurt enthusiasm or leverage to get the so-called CLARITY Act passed, which stand to remove crypto tokens — and Coinbase's role in selling them — from regulatory crosshairs.

Circle Internet Group shares are up 7% in intraday trading Friday, extending gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins.

The bipartisan legislation, which passed the Senate in June and is likely to be voted on by the House this week, is the first-ever piece of stablecoin regulation. It would allow private entities to issue their own stablecoins, as long as they are fully backed by U.S. Treasuries. That will open the Treasury up to a whole new set of investors.

Stablecoin fever is still running hot. Zerohash, a crypto and stablecoin infrastructure startup, is set to raise about $100 million at nearly a $1 billion valuation, according to two sources familiar with the deal.

Jonathan Gould, a former chief legal officer at blockchain firm Bitfury, will lead the U.S. Office of the Comptroller of the Currency.