US Senate passes stablecoin bill in milestone victory for crypto sector | Crypto News

If passed, the bill will establish for the first time a regulatory regime for stablecoins, a fast rising financial product.

The United States Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.

The bill, dubbed the GENIUS Act, received bipartisan support on Tuesday, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The…