The Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act, passed a crucial procedural vote in the U.S. Senate on Wednesday, a significant advance toward its final passage.

The Senate voted 68-30 to invoke cloture on the bill, overcoming a filibuster option and setting the stage for a final floor vote that will require only a simple majority.

This story is an excerpt from the Unchained Daily newsletter.

The bill is a product of months-long bipartisan negotiations, with key sponsors including Republican senators Bill Hagerty, Tim Scott and Cynthia Lummis, alongside Democratic senators Kirsten Gillibrand and Angela Alsobrooks.

The legislation sets standards for stablecoin issuers regarding reserves, audits, disclosures, and compliance with law enforcement, and also addresses concerns about foreign stablecoin issuers, requiring their regulatory frameworks to be assessed for compatibility with U.S. standards before their coins can be used by U.S. residents.