The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote

The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) had previously been stalled due to opposition from Democratic lawmakers,

The Senate voted 66–22 to advance the GENIUS Act, showing strong support from both Democrats and Republicans and signaling that the U.S. government is finally ready to take crypto regulation seriously. The Act still raises concerns about whether it goes too far or not far enough in protecting consumers and whether it will hurt innovation.

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

Experts said the bill's passage could be a "watershed," allowing crypto to gain a stronger foothold in mainstream financial markets.

John Deaton, a prominent XRP lawyer, warns that the failure of the GENIUS Act in the Senate could halt meaningful progress in crypto regulation for years to come.