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 passed the GENIUS Act, aiming to regulate stablecoins. The bill introduces rules and consumer safeguards for these cryptocurrencies. It received bipartisan support, with a vote of 68-30.

In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.