The US Congress approved the first major national crypto legislation. This bill is expected to make sweeping changes in cryptocurrencies.

Coinbase and Robinhood are among the leading trading platforms listing cryptocurrencies. The Coinbase (Nasdaq: COIN) stock hit an all-time high (ATH) of $444.64 within a few minutes of the market opening hours on July 18. The stock has been hitting record highs of late, thanks to the progress on key crypto bills in the U.S. Congress.

Crypto week kicks off on Capitol Hill, with lawmakers set to debate a handful of bills that sources say could have a big impact on the market.

A dozen House Republicans bucked Trump and Speaker Mike Johnson to prevent the legislation from advancing on the floor -- joining the entire Democratic caucus -- and, at least temporarily, freezing activity in the House. The final tally was 196-223.

The fate of long-awaited cryptocurrency legislation in the U.S. Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers from both parties, and shares of some companies in the sector fell.

Bitcoin rose to over $120,000 on Monday, breaking the cryptocurrency’s all-time high as Congress considers several pieces of pro-crypto legislation. The digital currency peaked at around $122,600 mid-afternoon Monday before declining to around $116,

The US House of Representatives will vote next week on three significant pieces of legislation affecting digital assets in the United States. While it may be early to declare victory, all signs point to Trump signing a stablecoin measure into US law by August,

The crypto industry will take a step closer to going mainstream this week as a series of industry-friendly bills progress through Congress, paving the way for digital assets to potentially be further integrated into traditional finance.