The US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar, in a landmark win for the ascendant crypto industry and President Donald Trump.

The fast-moving legislation, which passed by a 68-30 vote and will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more wid