The Senate is poised to pass a bill to regulate stablecoins, the lifeblood of the crypto market, awarding the industry a victory it has sought for years. The industry’s bigger goals will be harder to achieve,

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.

The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.