The U.S. Senate approves the GENIUS Act to regulate stablecoins, representing a win for the cryptocurrency industry.

This legislation, which establishes rules for stablecoin issuers, is the first major digital asset bill to gain approval from the Senate, and it now moves to the U.S. House of Representatives.

The U.S. Senate passed the GENIUS Act with a resounding bipartisan majority.

This marks the first time the Senate has approved major cryptocurrency legislation after years of key Democratic members blocking the progress of such legislation.

The bill is heading to the House, where its next steps remain uncertain as prominent lawmakers work to craft a strategy for its approval. The overwhelming bipartisan support for the stablecoin bill in the U.S. Senate, with a final vote of 68-30 and a significant increase in the number of Democrats joining their Republican counterparts on Tuesday, sets a new high mark for cryptocurrency policy efforts in the United States as the legislation now moves to the House.