The Senate on Tuesday passed legislation creating a regulatory framework for payment stablecoins in a major milestone for the crypto industry.

Lawmakers voted 68-30 to pass the GENIUS Act, which seeks to establish rules of the road for the dollar-backed cryptocurrencies. It marks the first time that major crypto legislation has cleared the upper chamber. The bill now heads to the House.

“With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people,” Senate Banking Chair Tim Scott (R-S.C.) said in a statement.

“This did not happen by accident,” he continued. “It happened because we led – across the aisle and with purpose.”

Eighteen Democrats joined with most Republicans to pass the legislation, which has trudged forward through a series of procedural hurdles on the Senate floor over the past four weeks.

Sen. Ruben Gallego (D-Ariz.), who was a lead negotiator for Democrats on the GENIUS Act, touted its........

© The Hill