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 U.S. Senate voted to move ahead on stablecoin legislation Monday night, removing a procedural barrier to ultimately passing the bill out of the body entirely.

The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) had previously been stalled due to opposition from Democratic lawmakers,