The Senate passed first-of-its-kind bipartisan cryptocurrency legislation, called the GENIUS Act, after months of negotiations and weeks of back-and-forth between Democratic and Republican backers. The final tally was 68-30,

In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.

The Senate on Tuesday passed legislation creating a regulatory framework for payment stablecoins in a major milestone for the crypto industry. Lawmakers voted 68-30 to pass the GENIUS Act, which seeks to establish rules of the road for the dollar-backed cryptocurrencies.