In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.

The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill,

The US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar, in a landmark win for the ascendant crypto industry and President Donald Trump.