The Senate just advanced a bill to regulate stablecoins—what the GENIUS Act could mean for crypto and other investors

The U.S. Senate voted on Wednesday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins, known as the GENIUS Act, setting it up for a final floor vote in the coming days.

The legislation aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data, creating a clearer framework for banks, companies and other entities to issue the digital currencies.The bill has bipartisan support, as well as criticism from both parties, making its fate in the Senate uncertain.

Here's what to know about what's included in the bill and how it could impact investors — even those who don't hold crypto.