President Donald Trump on Friday signed the first major federal law governing cryptocurrency, a business that Trump's family has begun forging strong ties to and has promoted in recent years.

The total market value of cryptoassets surged past $4 trillion for the first time, driven by a rally in altcoins and momentum from a sweeping US legislative push to regulate the sector.

The bill now heads to the Senate for consideration, bringing the US one step closer to establishing a clear regulatory framework for Bitcoin and other digital commodities.

Texas is the third state to install a cryptocurrency reserve, following New Hampshire and Arizona. Sen. Hagenbuch said he isn’t sure what the future of cryptocurrency in Texas will be, but he will do his best to look out for the best interests of Texans.

Crypto firm Bitcoin Standard Treasury Company said on Thursday it is aiming to list on the Nasdaq, with over 30,000 bitcoin on its balance sheet, through a merger with a Cantor Fitzgerald-backed blank check vehicle.

Bitcoin was rising on optimism that U.S. regulation will encourage wider cryptocurrency adoption. The House on Thursday passed the Genius Act bill that will create a new regulatory framework for stablecoins,

Investors are betting that a slew of long-sought policy wins for the industry, expected next week, could invite new investment in the asset class.

Bitcoin has reached another all-time high, surpassing $118,000 for the first time on Friday. The record arrives as a flood of money continues to move into spot bitcoin ETFs, all while U.S.

The enthusiasm for bitcoin comes as the U.S. House is set to take up several pieces of cryptocurrency-related legislation in what’s been dubbed “crypto week” in Congress. Lawmakers have been under pressure from President Donald Trump and the big-spending crypto lobby to pass legislation quickly.

Bitcoin price and other cryptocurrencies were recovering on Wednesday following a set back to key crypto legislation Tuesday.Bitcoin is up 2.2% over the past 24 hours to $119,228, according to CoinDesk data.