On Monday night, the Senate voted 66-32 to move forward with the GENIUS Act, a bill aimed at establishing a federal framework for stablecoin regulation.
The legislation had previously stalled due to Democratic opposition but gained momentum after concerns were addressed.
The bill’s progress is seen as a positive development for the crypto industry, which has been seeking clearer regulatory guidelines.
The bill is likely set for a Senate floor vote later this week, clearing which it will be sent to President Donald Trump’s office for approval.
Bitcoin’s recent performance has been bolstered by expectations of favorable regulatory developments and increased adoption.
Analysts predict that if current trends continue, the cryptocurrency could reach new highs by the end of the year.
The token had surged more than 11% this month, helped by optimism over easing trade tensions between the world’s two largest economies.
