The U.S. Senate has passed a landmark stablecoin bill.

On Tuesday local time, the United States Senate passed landmark cryptocurrency legislation aimed at promoting growth in the industry. This marked a historic lobbying victory for digital asset companies in the Senate's first comprehensive regulatory reform vote on cryptocurrencies. The bill was passed by the Senate with 68 votes in favor and 30 votes opposed, with 18 Democrats joining the majority of Republicans in support to send it to the House of Representatives. Led by Republican Senator Bill Hagerty of Tennessee, the bill will establish a U.S. regulatory framework for stablecoins pegged to the value of the dollar for the first time. Prior to the vote, Republican supporters of the bill engaged in intense negotiations with a group of Democratic senators who hold a friendly attitude towards cryptocurrencies for months. Republicans needed the support of these Democrats to reach the 60-vote threshold required for the bill to pass.