This is the first legislative victory for the digital asset industry, which put around $250 million in the 2024 election cycle.

This is the first legislative victory for the digital asset industry, which put around $250 million in the 2024 election cycle.

If passed, it will establish for the first time a regulatory regime for stablecoins, a fast-rising financial product.

Industry backers hope the legislation will turn stablecoins into a mainstream form of payment.

Coinbase and Circle rallied on Wednesday after the Senate passed the GENIUS Act, a bill that would legitimize U.S. dollar-pegged stablecoins under federal law.

Shares of Circle continued to climb on Friday as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act.