The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.

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.

Shares of stablecoin issuer Circle and crypto exchange Coinbase surged on Wednesday after the U.S. Senate passed a landmark stablecoin bill, boosting hopes of wider adoption for a once-niche part of the crypto sector.

Less than two weeks after its IPO, Circle Internet’s market capitalization has surpassed that of nearly half of the S&P 500’s companies.