The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

The U.S. Senate voted 66–32 on Monday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act

The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

As President Donald Trump headed over to his Virginia golf course for a gala with the 250 top buyers of his $TRUMP “memecoin,” Democrats are trying to find ways to push back on the president’s incursions in the cryptocurrency market.

US banks, including JPMorgan and Citigroup, pursue a joint stablecoin project to modernize payments and compete in the crypto space.

Sen. Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S. Treasuries.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

Bitcoin hit a new all-time high above $109K as the U.S. Senate advanced the Genius Act, setting the stage for major crypto regulation.

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.