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.

The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32.

A battle has erupted within the Senate Democratic Conference over a bipartisan bill that would pave the way for broader commercial acceptance of cryptocurrency assets known as stablecoins, which

Sen. Warren, the ranking member of the Banking Committee, is on the opposing side of the so-called GENIUS Act.