Legislation regulating stablecoins, a type of cryptocurrency whose value is pegged to another asset, is set for a vote in the Senate.

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.

Billionaire and Tron (TRX) founder Justin Sun is going to attend an exclusive crypto dinner with President Donald Trump after claiming he's the told holder of his top holder of his meme asset.

Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

Here’s an example of the kind of compromise included in the Senate’s updated crypto bill. After bipartisan negotiations this month, the GENIUS Act will now ban stablecoins from using “United States,” “United States Government,” or “USG” in their name.

The cryptocurrency has been on a months-long tear thanks to the pro-crypto Trump administration and April's tariff chaos.

“Stablecoins aren’t a crypto experiment anymore. They’re a better form of money. Faster, simpler, and more transparent than fiat. It’s only a matter of time before they become the default.” The GENIUS Act may be the “first step” toward ...

Senator Elizabeth Warren slammed the GENIUS Act in a fiery speech on the Senate floor on Monday, citing risks to financial security.