The U.S. Senate voted 68 to 30 to advance the GENIUS Act a bill focused on regulating stablecoins marking a major step toward crypto innovation. The bipartisan move clears the way for a final vote soon potentially as early as Monday. The bill requires stablecoins to be backed by U.S. dollars or similar liquid assets and enforces annual audits for issuers with over $50 billion in value.

Senate Banking Chair Tim Scott praised the bill as a win for innovation and national security. Support came from both parties although some Democrats including Chuck Schumer and Elizabeth Warren voted against it. President Trump’s administration backed the legislation stating he would sign it if passed. Trump has been vocal about pushing crypto growth and has ties to digital asset ventures.

If passed by the Senate the GENIUS Act faces hurdles in the House where a separate stablecoin bill has already been approved by committee. Lawmakers will need to reconcile the two versions to bring unified stablecoin rules to life.