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Washington — The Senate approved historic legislation to regulate cryptocurrencies after a rocky path in the upper chamber.

The bill, known as the GENIUS Act, would establish a regulatory framework for the $250 billion market of stablecoins, a type of cryptocurrency linked to the value of an asset like the U.S. dollar.

It was approved in the Senate by a vote of 68 in favor and 30 against.

Speaking in the Senate before the vote, Republican Senator Bill Hagerty of Tennessee, who introduced the measure, said that the legislation "marks the beginning of a new era of payments."

"The prospect of faster and cheaper payments will have far-reaching implications for our financial system," he stated on Tuesday. "Once the GENIUS Act goes into effect, businesses of all sizes and Americans across the country will be able to settle payments almost instantly, instead of waiting days or even weeks. In short, stablecoins are a revolutionary advancement that can bring our payment system into the 21st century."

It came out of the Senate Banking Committee in March with bipartisan support, but lost Democratic backing weeks later when it was revealed that a company backed by Abu Dhabi would use $2 billion in stablecoins purchased from the cryptocurrency company linked to the Trump family, World Liberty Financial, to invest in Binance.

Concerns about President Trump's and his family's cryptocurrency-related business increased the sense of urgency among Democrats, who pushed for stronger provisions to guard against corruption while also protecting consumers, the financial system, and national security.