The crypto industry has finally secured a major legislative victory after spending more than $150 million lobbying lawmakers and supporting candidates favorable to digital assets.

The newly passed bill, known as the Genius Act, sets the framework for how this emerging industry will be regulated, particularly around the issuance of stablecoins. Once the bill is passed by the House and signed into law by the president, stablecoin issuers will be regulated similarly to traditional banks.

Under the bill, stablecoin providers must comply with anti-money laundering regulations and U.S. sanctions laws. Most importantly, for every $1 of stablecoin issued, issuers will be required to hold $1 in cash or U.S. Treasury securities in reserve.

The legislation is expected to significantly accelerate the adoption of stablecoins, especially once regulatory clarity is established for both corporations and consumers. Major companies such as Walmart and Amazon are reportedly exploring the possibility of issuing their own stablecoins, which could save them millions in transaction fees typically paid to financial institutions.