The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.

The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.

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.