Crypto Market Gets Major Win as Congress Passes Stablecoin Bill

Congress delivered a watershed victory for the crypto industry on Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Backed by Republicans and championed by President Donald Trump, the bill imposes federal or state oversight on dollar-linked tokens that can move around the clock and across platforms. Supporters say it could unlock faster, cheaper forms of payments — and bring legitimacy to a $265 billion market that Citigroup Inc. analysts expect could swell to $3.7 trillion by 2030.

The measure, which passed the House 308-122 with ...