The U.S. Senate may soon pass the GENIUS act, a bill to regulate stablecoins. Here's what that could mean for the future of asset-backed cryptocurrencies.

The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

In a significant development for the digital asset industry, the US Senate on Tuesday passed a bill aimed at creating a comprehensive regulatory framework for US dollar-pegged cryptocurrency tokens, commonly known as stablecoins.