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.”

The US Senate has passed the Genius Act with strong bipartisan support marking a historic shift toward federal regulation of stablecoins and signalling a new era for the cryptocurrency industry