Experts said the bill's passage could be a "watershed," allowing crypto to gain a stronger foothold in mainstream financial markets.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

David Sacks, the top crypto and AI advisor to President Donald Trump, has projected that the impending stablecoin legislation could unlock trillions for the U.S. Treasury.

In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

Sen. Bill Hagerty (R-Tenn.) joins 'Squawk Box' to discuss the Genius Act, details of the crypto bill, Moody's U.S. credit downgrade, and more.

John Deaton has cautioned that if the GENIUS ACT does not pass there won't be any important crypto-related laws before the midterms.

US lawmakers are currently voting on the GENIUS Act, the latest piece of legislation outlining regulatory oversights and consumer protections for stablecoin adoption, with many expecting the bill to pass through the Senate.