The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

The U.S. Senate voted 66–32 on Monday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act

Bitcoin hit a new all-time high above $109K as the U.S. Senate advanced the Genius Act, setting the stage for major crypto regulation.

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.

Sen. Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S. Treasuries.

The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans.

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The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

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