A soft U.S. dollar and the digital currency friendliness of President Donald Trump’s administration has also helped to push the price of bitcoin to unprecedented levels recently.

Last month the Senate passed legislation that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.

The fast-moving legislation comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”

Next week the House of Representatives will be considering the GENIUS Act as part of Congress’ efforts to strengthen the country’s crypto position.