The U.S. Senate has advanced major stablecoin legislation, passing a crucial procedural hurdle in a 68-30 vote.
The legislation, which is known as the GENIUS Act, is widely expected to finally pass later this week.
Earlier today, Senators voted to limit debate on the Hagerty-Gillibrand bipartisan substitute amendment to the much-talked-about bill. At least 60 votes were needed in order to invoke cloture.
In the meantime, Treasury Secretary Scott Bessent has stressed that stablecoins could "lock in" the dominance of the U.S. dollar.
In May, Bessent told Bloomberg that dollar-backed cryptocurrencies could generate $2 trillion worth of additional demand for US Treasuries.
