Crypto companies such as Coinbase Global and Circle have sought legislation to bring regulatory clarity to their businesses after costly battles with regulators under the Biden administration. They found allies in Trump and many Republicans after pouring money into last year’s election.

The cryptocurrency industry reached a major milestone in Washington on Thursday, as Congress cleared legislation outlining the first federal rules for stablecoins, a popular form of digital currency....

Since the GENIUS Act, a bill aimed at regulating stablecoins, already passed by the Senate, the House vote now sends the bill to the executive branch to sign into law.