The bill’s co-sponsors are feeling confident the bill will now head towards a final vote in the Senate as soon next week. According to crypto analysts, including Fundstrat’s Sean Farrell, that could spark another massive Bitcoin rally.

Legislation regulating stablecoins, a type of cryptocurrency whose value is pegged to another asset, is set for a vote in the Senate.

Stablecoin legislation overcame a procedural blockade in the US Senate, marking a major victory for the crypto industry after a group of Democrats dropped their opposition Monday.