The GENIUS Act, the major bill that aspires to bring clarity to the stablecoin sector,  has passed its first big procedural hurdle. 

Notably, 16 Democrats joined the Republicans on the vote. This shows that crypto is still gaining bipartisan support. 

"Many steps to go, but a historic early win on the road to getting a stablecoin bill enacted into law," Faryar Shirzad, chief policy at Coinbase, said in a social media post. 

"Crypto is again showing that it’s the biggest bipartisan issue in play on the Hill," he said. 

Coinbase CEO Brian Armstrong has stated that it is "a huge win for crypto."

"A huge win for crypto and the future of on-chain innovation in America! Thank you to all senators who voted for it," he said.