The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

The U.S. Senate voted to move ahead on stablecoin legislation Monday night, removing a procedural barrier to ultimately passing the bill out of the body entirely.

The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold.

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

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

The bill’s co-sponsors are feeling confident the bill will now head towards a final vote in the Senate as soon next week. According to crypto analysts, including Fundstrat’s Sean Farrell, that could spark another massive Bitcoin rally.

A battle has erupted within the Senate Democratic Conference over a bipartisan bill that would pave the way for broader commercial acceptance of cryptocurrency assets known as stablecoins, which

US lawmakers are currently voting on the GENIUS Act, the latest piece of legislation outlining regulatory oversights and consumer protections for stablecoin adoption, with many expecting the bill to pass through the Senate.