The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

The Senate passed first-of-its-kind bipartisan cryptocurrency legislation, called the GENIUS Act, after months of negotiations and weeks of back-and-forth between Democratic and Republican backers. The final tally was 68-30,

The Senate has passed legislation that would create a regulatory framework for stablecoins, in a move that is seen as bolstering the legitimacy of the cryptocurrency industry. The GENIUS Act passed the Senate 68-30 with bipartisan support.