The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold.

The stablecoin, initially for institutional investors, follows the launch of SG Forge’s euro stablecoin, EURCV.

Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

The crypto industry appears poised to grab its first major legislative victory as Congress moves closer to passing a bill to regulate stablecoins. Its next goal—legislation regulating exchanges and token issuers—might be a steeper hill to climb.

The Senate moves closer to enacting stablecoin regulation with bipartisan support, though deep fractures emerged within the Democratic Party. As President Trump champions digital assets, lawmakers spar over corruption,

Lee Jae-myung, South Korea’s opposition leader, proposed launching a won-backed stablecoin to stop crypto outflows.

Sen. Warren, the ranking member of the Banking Committee, is on the opposing side of the so-called GENIUS Act.

Without passage of a stablecoin bill, industry insiders say it will be next to impossible to push through a broader overhaul of the digital coin regulation that is also being planned.