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

Steve Daines has been in the US Senate for 10 years, assuming office in 2015. In recent years, he has become a proponent of the crypto industry, rubbing elbows with industry bigwigs like Bitcoin ( BTC) evangelist and Strategy CEO Michael Saylor and receiving a Digital Future Award from the Crypto Council for Innovation.

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

Sen. Bill Hagerty said recently that the GENIUS Act, which would pave the way for stablecoin adoption, could bolster U.S. Treasuries.

Bitcoin hit a new all-time high as the world’s most popular cryptocurrency reached price levels not seen since President Donald Trump’s inauguration. View on euronews

The GENIUS Act advanced in the Senate with a 66-32 vote after 16 Democrats changed their position. The bill had previously failed amid criticism that

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

John Deaton has cautioned that if the GENIUS ACT does not pass there won't be any important crypto-related laws before the midterms.