Senators, including Ruben Gallego, D-Arizona, voted 68-30 to send this bill over to the House. Arizona’s other U.S. senator, Democrat Mark Kelly, did not vote on this piece of legislation. According to the act’s summary page, stablecoins are “digital assets which an issuer must redeem for a fixed value.”

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,

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