Industry backers hope the legislation will turn stablecoins into a mainstream form of payment
The US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar, in a landmark win for the ascendant crypto industry and President Donald Trump.
The 68-30 vote on Tuesday evening marked a rare moment of bipartisanship in the deeply divided Senate, despite Republicans blocking Democratic efforts to bar Trump from profiting from his many crypto ventures while in office.
A Trump-affiliated stablecoin already has a US$2 billion market value.
The House has been pursuing its own legislation, including a more sweeping measure to regulate the broader crypto market. House lawmakers must now decide whether to take up the Senate bill or negotiate a compromise measure.
