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.

Experts say the legislation could unleash a tidal wave of new stablecoins—and fresh complaints about President Trump's crypto entanglements.

Coinbase and Robinhood are among the leading trading platforms listing cryptocurrencies. The Coinbase (Nasdaq: COIN) stock hit an all-time high (ATH) of $444.64 within a few minutes of the market opening hours on July 18. The stock has been hitting record highs of late, thanks to the progress on key crypto bills in the U.S. Congress.

Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.

A dozen House Republicans bucked Trump and Speaker Mike Johnson to prevent the legislation from advancing on the floor -- joining the entire Democratic caucus -- and, at least temporarily, freezing activity in the House. The final tally was 196-223.

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.

Bitcoin rose to over $120,000 on Monday, breaking the cryptocurrency’s all-time high as Congress considers several pieces of pro-crypto legislation. The digital currency peaked at around $122,600 mid-afternoon Monday before declining to around $116,