The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

The U.S. Senate passed the GENIUS Act to regulate stablecoins, marking a pivotal moment for the cryptocurrency industry. The bipartisan bill creates a framework requiring stablecoin issuers to back tokens with liquid assets and disclose reserves.

The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more wid