The House of Representatives passed two bills Thursday afternoon that will create regulatory frameworks for both cryptocurrencies and stablecoins. If the bills are enacted, it will be the first time digital assets are officially introduced into the United States financial system.

Some lawmakers are calling for new ethics rules that would bar the president from issuing or owning digital assets, such as cryptocurrency.

The crypto industry was headed for a landmark moment in the House with three bills that it helped push going to a vote. But a coalition of ultraconservative House Republicans staged a mutiny.

Congress has taken an historic step toward regulating cryptocurrency, with the House passing the GENIUS Act following days of political drama. This bill is the first major crypto legislation ever approved by Congress.

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.

“Around the world, payment systems are undergoing a revolution,” said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will “ensure American competitiveness and strong guardrails for our consumers.”

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.