The US House on Thursday passed major bipartisan legislation that aims to regulate a type of cryptocurrency known as stablecoins, sending the bill to the president’s desk for his signature.

The Republican-controlled House on Thursday passed landmark legislation to regulate stablecoin in a big win for the cryptocurrency industry.

XRP, the native token of the XRP Ledger, shot up to above the $3.5 level in the later hours of the US House session, rallying 14 per cent in 24 hours, according to CoinDesk data. The crypto coin also topped the $200 billion mark in market capitalisation,