It was another dream week for the crypto world. Here's what happened.

A few days back, the Senate passed a bill that would establish a federal framework for dollar-backed cryptocurrencies known as stablecoins.

While this bill, known as the GENIUS Act, still needs approval from the House and President Trump, its swift progress has already been lauded by the crypto industry as a major step toward opening the doors for stablecoins to be used more widely in traditional financial services.

Meanwhile, shares of Circle (CRCL), issuer of the world’s second-largest stablecoin (USDC), is up more than 77% through the week. In total, the stock is up more than seven times its initial June 5 IPO price.

Major US crypto exchange and crucial Circle partner Coinbase Global (COIN) has also ridden the wave, climbing more than 25% through the week. Coinbase owns a minority stake in Circle and also earns a share of revenue from Circle's USDC.

Read more: Can you buy crypto with a credit card?

But nothing compares to the weekly rise of little-known Winter Park, Fla.-based theme park and entertainment industry merchandiser SRM Entertainment (SRM), which is up roughly 777% since announcing on June 16 that it had struck a deal with crypto platform Tron to begin purchasing Tron tokens, rename itself Tron Inc., and bring on Tron founder Justin Sun as an adviser.

President Trump joined the fun too. A day after the GENIUS Act passed in Congress’s upper chamber by a vote of 68-30, the president, in a post, called the legislation “an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets.”

No secret why the president is so cheery. As the crypto world has been racking up wins in Washington this year, Trump and his family have deepened their ties with the industry. (See chart below.)

Corporations tied to Trump or his family have ventured into everything from issuing memecoins and dollar-backed stablecoins to mining bitcoin.

After announcing a $2.5 billion fundraise to purchase cryptocurrencies, Trump Media and Technology Group (DJT) was declared effective a week ago by the SEC to issue equity and debt to begin buying and holding bitcoin.

In an updated financial disclosure published a week ago, the president reported earning $57 million last year from his ownership of tokens tied to World Liberty Financial, a decentralized finance project that lists him and his sons as advisers.

Led by CEO Zach Witkoff, son of Steve Witkoff, the president’s envoy to the Middle East, that same venture launched a stablecoin earlier this year that was chosen as the payment method for UAE sovereign wealth fund MGX to deliver $2 billion in fundraising to crypto exchange Binance. Its founder, Changpeng Zhao, has been seeking a pardon, according to a Wall Street Journal report.