#GENIUSAct

The crypto industry appears poised to grab its first major legislative victory as Congress moves closer to passing a bill to regulate stablecoins. Its next goal—legislation regulating exchanges and token issuers—might be a steeper hill to climb.

As soon as Monday, the Senate plans to hold a key procedural vote on the so-called GENIUS Act. Among other provisions, the bill would require stablecoins, whose value is typically pegged to the dollar, to hold reserves of liquid, safe assets like Treasury bills. Issuers would also have to follow anti-money-laundering and terrorism finance rules and to give holders of coins priority to recoup their money in a bankruptcy.