Congress passed the GENIUS Act this week, boosting the market for stablecoins. Here's what investors need to know about the corner of the crypto market.

WASHINGTON (AP) — The Senate is expected to approve legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what is expected to be a wave of crypto legislation from Congress that the industry hopes will bolster its legitimacy and reassure consumers.

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.

Hackers stole the equivalent of roughly $90 million from Iran’s largest cryptocurrency exchange on Wednesday, according to multiple independent crypto-tracking firms.

Iran’s largest cryptocurrency exchange, Nobitex, was hacked for more than $90 million Wednesday, according to blockchain analytics firm Elliptic