The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote

The Senate voted 66-32 Monday evening to advance first-of-its-kind legislation to regulate “stablecoins,” a kind of cryptocurrency. Democrats had initially voted to block the bill earlier this month amid concerns over President Donald Trump’s cryptocurrency deals.

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The Genius Act broke through opposition from Democrats in the Senate on Monday evening, moving the key piece of stablecoin legislation forward.

The GENIUS Act may pass the US Senate by May 26, setting regulatory clarity for stablecoins and accelerating institutional adoption of digital dollars.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act failed to pass a key Senate vote on May 8. The bill will return