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US passes first major national crypto legislation

It marks a milestone for the once fringe industry, as it expands its power in Washington.

Trump is expected to sign the legislation into law on Friday, after the House passed the bill on Thursday, joining the Senate, which had approved the measure last month. The president once derided crypto as a scam but his opinion shifted as he won backing from the sector and got involved in the industry as a businessman, with ties to firms such as World Liberty Financial. We believe this is a fundamental misunderstanding of the risks involved with these instruments," a coalition of consumer and advocacy groups wrote in a letter to Congress this spring.

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