The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans.

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Top Senate Democrats aren't relenting in their push to add guardrails for President Trump and others to landmark cryptocurrency legislation, Axios has learned. Why it matters: 18 Democrats voted earlier this week to advance the bill.

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 passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

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

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