Experts said the bill's passage could be a "watershed," allowing crypto to gain a stronger foothold in mainstream financial markets.

Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote

The Senate voted 66-32 Monday evening to advance first-of-its-kind legislation to regulate “stablecoins,” a kind of cryptocurrency. Democrats had initially voted to block the bill earlier this month amid concerns over President Donald Trump’s cryptocurrency deals.

Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.

The Genius Act broke through opposition from Democrats in the Senate on Monday evening, moving the key piece of stablecoin legislation forward.

Bill Hagerty (R-TN) spoke about the GENIUS Act. 'Into the mouth of Trump hell'? South African president says White House meeting wasn't so dramatic 4 Golfers Have Already Withdrawn From Charles Schwab Challenge Taxes set to rise for millions of Americans The 9 biggest wastes of money at the grocery store What is Himalayan pink salt and does 'nature's Mounjaro' really help with weight loss?

The GENIUS Act may pass the US Senate by May 26, setting regulatory clarity for stablecoins and accelerating institutional adoption of digital dollars.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act failed to pass a key Senate vote on May 8. The bill will return