$USDC The bill on managing and establishing a national innovation for stablecoins in the United States, known as the GENIUS Act, is currently facing a key vote in the United States Congress, and the stakes for the cryptocurrency industry are high.

If the U.S. Senate passes the GENIUS Act on Tuesday, it will be a significant step towards creating a regulatory framework for stablecoins, which could be a victory for both the crypto industry and the Trump administration that supports this bill. Approval in the Senate will send the legislation to the House of Representatives for further consideration.

The Senate voted 68-30 to advance the bill on June 11, opening the GENIUS Act for amendments before the final vote. Several Democrats joined the majority of Republicans to win the closure vote.

Ahead of the vote, industry representatives expressed hope for a positive outcome. Coinbase's Chief Legal Officer Paul Grewal expressed optimism on X ahead of the vote, highlighting its potential for providing regulatory clarity. However, not everyone supports this idea.