The US Senate has cleared a crucial procedural hurdle, advancing major stablecoin legislation known as the GENIUS Act with a vote of 68-30. This marks a significant step towards final passage of the bill, which is expected to be voted on next week, June 16th. Prior to this vote, Senators voted to limit debate on the bipartisan Hagerty-Gillibrand amendment, achieving the required 60 votes for cloture. This amendment introduces stronger anti-money laundering measures and explicitly bans stablecoin issuances from sanctioned jurisdictions. This victory represents a major milestone for the cryptocurrency industry, following calls from prominent figures like Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse for clear regulations in this space. Notably, the bill’s progress was preceded by an initial hurdle when it failed to secure votes earlier this week. However, support from certain crypto-friendly Democrats has helped propel its success.