The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

The U.S. Senate voted 66–32 on Monday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act

The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

Sen. Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S. Treasuries.

As President Donald Trump headed over to his Virginia golf course for a gala with the 250 top buyers of his $TRUMP “memecoin,” Democrats are trying to find ways to push back on the president’s incursions in the cryptocurrency market.

US banks, including JPMorgan and Citigroup, pursue a joint stablecoin project to modernize payments and compete in the crypto space.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

On May 20, most members of the US Senate voted to move forward with the Guiding and Establishing National Innovation for US Stablecoins Act. The bill aimed to regulate the payment of stablecoins. However, some top Democrats wanted to add an amendment to the bill.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.