The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

Senate passes GENIUS Act, setting federal rules for stablecoins. It will likely be a potential game changer for Bank of America, US Bank and Fifth Third.

The US Senate passed the GENIUS Act, a federal bill that puts crypto stablecoins under direct government control, after the crypto industry spent millions lobbying in last year’s elections. This legislation is now the first national law that forces stablecoin issuers to follow Treasury and law enforcement rules.