Landmark stablecoin legislation cleared a key hurdle in the US Senate on Monday.
In a 66-32 vote, Senators advanced the Genius Act, legislation that would regulate the issuance of dollar-pegged stablecoins, a kind of crypto asset that has been embraced by fintech titans such as PayPal and Stripe.
Now, the Genius Act will need only a simple majority when it comes up for a final vote, something that could happen as soon as this week.
Monday’s vote was a major win for crypto legislation.
“By advancing the Genius Act, lawmakers have delivered the strongest bipartisan signal yet that the United States is ready to lead — not follow — in building the next generation of financial infrastructure,” The Digital Chamber, an industry trade group, said in a statement after the vote.
“This vote brings the first federal stablecoin framework within reach.”
The Genius Act has faced a rocky road in the Senate, where Republicans have a narrow 53-47 majority and the chamber’s rules mean that legislation often requires more than 60 votes to pass.
Earlier this month, the Senate rejected the bill after several crypto-friendly Democrats pulled their support, saying it would endanger consumers, the financial system, and national security without further revision.