A bill aimed at establishing regulatory guidelines for stablecoins, a class of cryptocurrencies, passed a key procedural vote in the U.S. Senate on Monday night, and is now headed for a full vote.

The GENIUS Act, sponsored by Republicans, was approved in a closure vote of 66-32 on Monday, moving the bill forward for a full vote in the coming days.

The law seeks to establish a regulatory framework for stablecoins and their issuers, first by creating an entity called the Stablecoin Certification Review Committee. This entity will be composed of members from the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation, and will have the authority to approve foreign issuers of stablecoins.