The Genius Act broke through opposition from Democrats in the Senate on Monday evening, moving the key piece of stablecoin legislation forward.

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.

The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

Bitcoin ( BTC 4.39%) set a new all-time high today, topping $111,000 for the first time ever. After reaching a previous all-time high in December 2024, Bitcoin declined roughly 30%, leading many to believe the bull run that saw it nearly double from September through December was over. However, in the last month, Bitcoin is up nearly 50%.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

The vote, a procedural step needed to begin debate on the GENIUS Act, represents a major victory for the cryptocurrency industry.

The Senate is advancing crypto-friendly legislation the same week Trump hosts a dinner for buyers of his meme coin.