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.

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

Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote