The Senate voted 66-32 Monday evening to advance first-of-its-kind legislation to regulate “stablecoins,” a kind of cryptocurrency. Democrats had initially voted to block the bill earlier this month amid concerns over President Donald Trump’s cryptocurrency deals.

The GENIUS Act may pass the US Senate by May 26, setting regulatory clarity for stablecoins and accelerating institutional adoption of digital dollars.

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 Cardano founder framed the announcement as part of a bigger shift happening in U.S. policy circles. "I’ve never seen a more pro-crypto composition with respect to the U.S. government," he told CNBC. "We finally have people to talk to."

Justin Sun — who owns $19 million worth of President Trump's meme coin — will attend a dinner with the president, after regulators paused a Biden-era lawsuit against Sun.

Senator Elizabeth Warren slammed the GENIUS Act in a fiery speech on the Senate floor on Monday, citing risks to financial security.

Key Takeaways The GENIUS Act, a bill to regulate stablecoins, passed with a divided vote among Democrats, reflecting concerns about corruption and financial sta

The GENIUS Act advanced in the Senate with a 66-32 vote after 16 Democrats changed their position. The bill had previously failed amid criticism that