Lawmakers in the US have passed the country's first major national cryptocurrency legislation. It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation for years and poured millions into last year's election, backing candidates that included Donald Trump.

The fate of long-awaited cryptocurrency legislation in Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers.

Oppenheimer analyst Owen Lau told CNBC the stock reaction was overblown and framed the passage of the bills as a matter of "when" rather than an "if."