BGOV OnPoint: Stablecoin Bill Set to Advance in Win for Crypto

The Senate is on track to pass a landmark digital assets bill, marking a key milestone for the fast-growing crypto industry.

The “GENIUS Act” (S. 1582; see BGOV Bill Summary) would create rules for stablecoins — digital assets pegged to the value of another asset such as the US dollar — in an effort to ensure the US leads in advancing the technology, which could be used for faster and cheaper payments. It’s on track to become the first major crypto bill to pass the Senate after it advanced with broad bipartisan support last week.

The bill, ...