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

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

David Sacks, US President Donald Trump’s top adviser on crypto and artificial intelligence, said the administration expects the stablecoin bill to clear the Senate with bipartisan backing. “We have every expectation now that it’s going to pass,

David Sacks, the top crypto and AI advisor to President Donald Trump, has projected that the impending stablecoin legislation could unlock trillions for the U.S. Treasury.

The Senate voted 66-32 Monday evening to advance first-of-its-kind legislation to regulate “stablecoins,” a kind of cryptocurrency. Democrats had initially voted to block the bill earlier this month amid concerns over President Donald Trump’s cryptocurrency deals.

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

The cryptocurrency has been on a months-long tear thanks to the pro-crypto Trump administration and April's tariff chaos.