The Senate is voting on legislation regulating a form of cryptocurrency called stablecoins. The bill is the first in what’s expected to be a wave of crypto-friendly legislation in Congress following the industry’s heavy spending in last year’s election.

The US Senate passed the GENIUS Act, aiming to regulate stablecoins. The bill introduces rules and consumer safeguards for these cryptocurrencies. It received bipartisan support, with a vote of 68-30.

The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more wid