On June 17, the U.S. Senate approved the GENIUS Act by a 68-30 vote, marking the first major cryptocurrency bill to pass the Senate. With backing from some Democrats, Republican Senator Bill Hagerty led the bill through the Senate on Tuesday.

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.

The Senate passed the GENIUS Act to regulate stablecoins, earning praise from Ripple’s CEO as a landmark step.