The U.S. Senate has passed a bill to create a regulatory framework for stablecoins, a once-niche corner of the crypto industry that is gaining traction among global companies. Stablecoins, a type of cryptocurrency designed to maintain a constant value – typically pegged 1:1 to the U.

The GENIUS Act stablecoin bill moves to the House of Representatives after a Senate vote, but observers believe it could contain systemic risks.

This is the first legislative victory for the digital asset industry, which put around $250 million in the 2024 election cycle.