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.

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.

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,

The House of Representatives passed three pieces of crypto legislation on Thursday night. President Donald Trump is expected to sign one of those bills, the Genius Act, into law later today. Crypto investors have seemingly reacted well to the new crypto legislation.

MARA CEO Fred Thiel discusses the impact of the GENIUS Act on the company, the 'rapidly maturing' crypto industry and U.S. energy policy during and interview on 'Mornings with Maria.'

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%.