The Republican-controlled U.S. House of Representatives cleared key procedural hurdles on crypto legislation on Wednesday, a day after President Donald Trump intervened to save the initiative, paving the way for the first federal law for digital assets.

The second bill, called the CLARITY Act, introduced in the House would define cryptos as digital commodities. The Commodity Futures Trading Commission would play a central role in regulating cryptos, while certain aspects of the Security and Exchange Commission's authority would be preserved.

Over 1 in 5 top Trump appointees reported investments in crypto and other digital assets, far more than previous administrations, a Post analysis found.

Thirteen Republicans voted against a motion to advance three pro-crypto bills, 12 of whom Trump said would now vote differently.

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

A key procedural vote fails in the U.S. House, halting progress on several crypto-related bills as bipartisan pushback stalls industry hopes.

After a setback when House Republicans failed to advance a vote on crypto-related legislation, Trump said he struck a deal with GOP lawmakers to move it forward Wednesday.