Exciting news just rose to the forefront for cryptocurrency stock Coinbase Global (NASDAQ: COIN). On June 18, shares of Coinbase surged 16%. The United States government took an important step that benefits the firm’s future.

The bill still needs to clear the House, where a competing version splits regulatory authority among agencies including the Federal Reserve and Comptroller of the Currency. Coinbase earns all interest on USDC held on its platform and has seen stablecoin-related income surge 50% year over year.

The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.