The Senate advances the GENIUS bill, and the Crypto Assets industry cheers for the "historic" stablecoin legislation progress.

According to The Block, leaders in the encryption industry and senators supporting encryption are celebrating the Senate's vote on a key stablecoin bill that was pushed through on Monday.

The U.S. Senate passed a procedural vote (cloture) with 66 votes to 32, advancing a stablecoin bill known as the GENIUS Act.

This vote has been referred to as a "historic" moment by multiple senators and individuals in the encryption industry, who believe it is likely to "ensure the dominance of the US dollar."

"This groundbreaking bipartisan legislation will bring America's payment system into the 21st century," said the proposal's sponsor, Republican Senator Bill Hagerty.

The GENIUS Act, officially known as the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," is currently in the legislative process in the Senate. After procedural voting, senators will still need to vote on possible amendments before a final vote can take place.

The bill stipulates that all stablecoins must be fully backed by US dollars or similar highly liquid assets; for issuers with a market capitalization exceeding $50 billion, annual audits will also be required. In addition, the bill includes provisions related to foreign issuers.

Senator Hagerty stated that the GENIUS Act will rapidly create a digital payment framework for the United States, "which will ensure the dominance of the dollar, protect consumers, drive over $1 trillion in demand for U.S. Treasury bonds, and promote innovation in U.S. digital assets."

The bill needs 60 votes to move forward, so it must gain support from both parties. In this vote, 16 Democratic senators voted in favor—just last week, the bill received no support from within the Democratic camp.

Ji Kim, the chairman and acting CEO of the Crypto Council for Innovation, called this vote a "truly historic moment," stating, "This is how Congress should operate." He mentioned that this bill was reached after months of negotiation and revision among bipartisan offices.

The co-sponsor of the bill, Wyoming Republican Senator Cynthia Lummis, also expressed support: "Digital assets are the future, and we are taking a critical step to ensure that the United States leads in this field."

The cryptocurrency industry is also celebrating this achievement. Coinbase Chief Policy Officer Faryar Shirzad stated: "This is a historic early victory on the legislative path, and although there are many steps to take, the cryptocurrency industry has once again shown that it is the most bipartisan issue in Congress."

Jake Chervinsky, Chief Legal Officer of Variant Fund, also commented on X: "Although the Senate still needs to formally vote to pass GENIUS and the House needs to pass the STABLE Act, this is undoubtedly the toughest hurdle."

According to the organization Stand With Crypto that supports the bill, supporters of the encryption industry sent over 60,000 emails to senators in the hours leading up to the vote, urging support for the bill.

However, Democratic Senator Elizabeth Warren expressed opposition, stating that the bill fails to adequately address the connections between Trump and the encryption industry, and criticized the newly launched stablecoin USD1 by World Liberty Financial.

"There is no reason for Congress to pass a cryptocurrency bill that would promote Trump's corruption." Warren stated.