Hong Kong has passed a stablecoin bill to expand its cryptocurrency licensing regime as more governments recognize the digital assets.

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.

Hong Kong's legislature passed a stablecoin bill on Wednesday that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for upcoming stablecoin issuers.

Warren, a former presidential candidate and the ranking member of the Senate Banking Committee, is on the opposing side of the so-called GENIUS Act.

The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold.

There is a “first of its kind” crypto bill making progress through the Senate that you’re going to be tempted to snooze on because a) it’s about “stablecoins,” which is a subcategory of crypto – a parallel financial system almost no one understands,

A bill to regulate stablecoins passed a key procedural hurdle in the Senate Monday night, paving a path for final passage of legislation pushed by the crypto industry.