The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold.

Asset manager Bitwise says the US stablecoin bill could be bigger than Bitcoin ETFs, and may spark a multi-year crypto bull run.

Experts said the bill's passage could be a "watershed," allowing crypto to gain a stronger foothold in mainstream financial markets.

Sen. Roger Marshall (R-KS) is gauging support for a bill that reins in credit card swipe fees, though he has not requested a vote as part of a major piece of banking legislation.

Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

On Tuesday, bitcoin’s price topped $107,000, close to an all-time record. Sentiment has also been bolstered by President Donald Trump, a relatively recent crypto cheerleader, who signed an executive order earlier this year aimed at creating a federal stockpile.

The Senate is advancing crypto-friendly legislation the same week Trump hosts a dinner for buyers of his meme coin.

Sen. Elizabeth Warren (D-Mass.) is urging her colleagues to vote down updated stablecoin legislation, arguing it fails to sufficiently address concerns related to President Trump’s crypto ties and