Billionaire Michael Novogratz said that the passage of landmark stablecoin legislation will bring more traditional financial institutions into the cryptocurrency market.“We set up Galaxy in 2017 with the idea that institutions would finally come to the market and they’re here,

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.