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 US Senate has passed the Genius Act with strong bipartisan support marking a historic shift toward federal regulation of stablecoins and signalling a new era for the cryptocurrency industry

The Senate passed legislation to establish the first regulatory framework for stablecoins, capping prolonged, topsy-turvy bipartisan negotiations. Why it matters: The GENIUS Act, which was nearly derailed when Democrats had an internal blowup about President Trump's growing cryptocurrency empire,