The US Senate has passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with strong bipartisan support, NBC News reported on Tuesday.
The bill, introduced six weeks ago by Senator Bill Hagerty (Republican from Tennessee), is now closer to becoming law.
A companion bill, the STABLE Act, could soon be up for debate in the House of Representatives, where new amendments could be proposed.
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The GENIUS Act stalled in May due to Democrats' concerns about former President Trump's ties to cryptocurrencies.
The Trump family has a significant stake in World Liberty Financial, which launched its own stablecoin earlier this year.