Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives.

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 SEC chairman called the stablecoin legislation a “historic step” in making the US the crypto capital of the world. The bill, which sets regulatory rules for dollar-backed stablecoins, would require firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators.

Galaxy is expanding aggressively to meet surging demand and remain competitive as more investors flood into the cryptocurrency sector, the company’s global head of asset management said.

ABC News' Jay O'Brien reports on the first major federal laws governing cryptocurrency. Vlad Tenev, CEO of online broker Robinhood, discusses the impact on the financial markets.