The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold.

The vote on the GENIUS Act, which would set up a regulatory framework for stablecoins, came two weeks after Senate Democrats blocked the measure.

Iowa Senator Chuck Grassley voted with his colleagues last night in advancing the first major bill that would more closely regulate cryptocurrency. In a conference call with Iowa reporters this morning,