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

The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

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.

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

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

In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

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