Blockchain is the technology underpinning all cryptocurrencies, and many related products like non-fungible tokens (NFTs). In essence, it is a virtual spreadsheet on which all the buying and selling of crypto is recorded. They are arranged in blocks linked together in a giant chain - hence the name.

Bitcoin, the world's largest cryptocurrency, crossed the $120,000 mark for the first time in history on Monday.

“We are advancing landmark legislation to establish a clear regulatory framework for digital assets,” said French Hill, chair of the House Committee on Financial Services, earlier this month.