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

The legislation, known as the Genius Act, moves to the House, where passage is viewed in Washington as likely, before Trump’s desk.

The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.