The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

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

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

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

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.

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

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