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.”

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

In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.