If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

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

The price of bitcoin rallied to a record high above $109,400 on Wednesday as a Stablecoin bill advances. President Trump will host a dinner for meme coin holders.

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.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

The cryptocurrency has been on a months-long tear thanks to the pro-crypto Trump administration and April's tariff chaos.

Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

Blockchain Association Interim CEO Sarah Milby celebrates the GENIUS Act’s progress as major win for crypto regulatory clarity.