The U.S. Senate Banking Committee has voted to approve a bill aimed at regulating stablecoin issuers.

BlockBeats News, March 14th, according to CoinDesk, the U.S. Senate Banking Committee has advanced a cryptocurrency industry stablecoin regulation bill, which is the crucial first step to submitting the bill to President Donald Trump for signature into law.

With the initial committee approval, this bill, which will regulate U.S. stablecoin issuers at the federal level, now needs to pass the full Senate, with a similar version also awaiting approval in the House of Representatives. While there are still many obstacles to overcome, including ultimately reconciling the differing bills from both chambers, the bill has passed the committee's review with a vote result of 18 to 6.