According to The Block, crypto industry leaders and supportive senators are celebrating the Senate's vote on a key stablecoin bill on Monday.

The U.S. Senate passed a procedural vote (cloture) for the stablecoin bill known as the GENIUS Act by a vote of 66 to 32.

This vote has been described as a 'historic' moment by several senators and crypto industry figures, seeing it as a way to 'ensure the dominance of the dollar.'

This groundbreaking bipartisan legislation will bring the U.S. payment system into the 21st century,” said the bill's sponsor, Republican Senator Bill Hagerty.

The GENIUS Act, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, is currently in the Senate's legislative process. After procedural voting, senators will still need to vote on any potential amendments before a final vote can take place.

The bill stipulates that all stablecoins must be fully backed by U.S. dollars or similar high-liquidity assets; issuers with a market capitalization exceeding $50 billion will also be required to undergo annual audits. Additionally, the bill includes relevant provisions for foreign issuers.

Senator Hagerty stated that the GENIUS Act will quickly create a digital payment framework for the U.S., “which will ensure the dominance of the dollar, protect consumers, stimulate over $1 trillion in demand for U.S. Treasury bonds, and drive innovation in U.S. digital assets.”

The bill requires 60 votes to advance, thus needing bipartisan support. In this vote, 16 Democratic senators voted in favor—just last week, the bill received no support from the Democratic camp.

Ji Kim, Chair and Acting CEO of the Crypto Council for Innovation, described this vote as a “truly historic moment,” stating, “This is how Congress should operate.” He noted that the bill was reached after months of negotiations and revisions across bipartisan offices.

Co-sponsor of the bill, Republican Senator Cynthia Lummis from Wyoming, also expressed support: “Digital assets are the future, and we are taking a crucial step to ensure that the U.S. leads in this field.”

The crypto industry is also celebrating this achievement. Coinbase's Chief Policy Officer Faryar Shirzad stated: “This is a historic early victory on the legislative path, and although there are many steps to take, the crypto industry has once again shown that it is the most bipartisan issue in Congress.”

Jake Chervinsky, Chief Legal Officer of Variant Fund, also commented on X: “Although GENIUS still needs to be formally voted on by the Senate and pass the STABLE Act in the House, this is undoubtedly the hardest hurdle.”

According to the organization Stand With Crypto, which supports the bill, supporters from the crypto industry sent over 60,000 emails to senators just hours before the vote, urging support for the bill.

However, Democratic Senator Elizabeth Warren expressed opposition, stating that the bill fails to adequately address the relationship between Trump and the crypto industry, and criticized the newly launched stablecoin USD1 by World Liberty Financial.

**“Congress has no reason to pass a crypto bill that would foster Trump’s corruption.”** Warren stated.