#GENIUSActPass

A bipartisan bill regulating and promoting "stablecoin" cryptocurrencies passed in the Senate Tuesday in a 68-30 vote, giving a boost to the legitimacy of digital currencies.

The bill would set standards for companies issuing stablecoins, a type of cryptocurrency. A stablecoin's value is meant to stay the same as an actual state-issued currency, usually the U.S. dollar, in contrast to cryptocurrencies such as Bitcoin, whose value fluctuates wildly. The bill has yet to be passed by the House of Representatives and signed into law by President Donald Trump.

The bill could give a boost to stablecoins, which are meant to solve one of the problems with cryptocurrencies in general: they are rarely used to buy and sell things, due to how much their price changes from day to day. The bill could encourage the U.S. dollar stablecoin market to grow nearly eightfold to $2 trillion over the next 10 years, Treasury Secretary Scott Bessent told Senators last week.