Legislation regulating stablecoins, a type of cryptocurrency whose value is pegged to another asset, is set for a vote in the Senate.

The Genius Act broke through opposition from Democrats in the Senate on Monday evening, moving the key piece of stablecoin legislation forward.

Kan., is still deciding whether to insist on a vote on a swipe fee amendment that could take down the bigger bill, if it passes.

Asset manager Bitwise says the US stablecoin bill could be bigger than Bitcoin ETFs, and may spark a multi-year crypto bull run.

The new Michigan bills would permit Bitcoin pension investments, bar state CBDC support, and offer tax breaks for crypto mining at oil sites.

Trump’s top crypto advisor David Sacks says the administration’s stablecoin bill is poised to pass with bipartisan support.

According to SB 21, the state can only use money from the reserve to buy cryptocurrency with an average market capitalization of at least $500 billion over the past 24 months. This means Texas would only be allowed to invest in large, established cryptocurrencies like Bitcoin and possibly Ethereum, depending on market conditions.