Senate Republicans teamed up with a bloc of Democrats to pass a landmark cryptocurrency bill that would establish the first regulatory framework for issuers of stablecoins.

The U.S. Senate on Tuesday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.

The US Senate passed the GENIUS Act, a federal bill that puts crypto stablecoins under direct government control, after the crypto industry spent millions lobbying in last year’s elections. This legislation is now the first national law that forces stablecoin issuers to follow Treasury and law enforcement rules.