Bitcoin price, XRP and other cryptos have seen big gains this week. The crypto industry notched its first major crypto regulatory win in the U.S. late Thursday.

Two of the legislations — the GENIUS Act and the CLARITY Act — were passed with significant bipartisan support.

The newly passed crypto legislation will establish the U.S. as the global leader in cryptocurrency innovation, said Summer Mersinger, CEO of the Blockchain Association and former CFTC commissioner. During an interview with CNBC,

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.

If passed, the bills could lead to new ways to use the currencies, corporate adoption, and institutional investment.

A legislative win in Congress, and the promise of more to come, has helped lift the prospects and the wealth of the cryptocurrency industry.

Blockchain data from Glassnode showed that on-chain value transferred using USDT dropped 20% in the last 24 hours, while USDC’s jumped by nearly 40%.

The GENIUS Act gives stablecoins real legal backing, paving the way for instant payments, lower fees, and a safer digital dollar you can actually trust.