The Senate passed legislation Tuesday that would establish regulations for stablecoins, marking a significant step in cryptocurrency policy.

Speaking on the second quarter earnings call, Brian Moynihan said the bank plans to act when the time is right.

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JPMorgan forecasts the stablecoin market will reach $500 billion by 2028, far less than Standard Chartered’s $2 trillion projection.

On June 17, the U.S. Senate voted to approve a regulatory regime for stablecoins. This vote represents one of the most significant milestones for

The bipartisan legislation, which passed the Senate in June and is likely to be voted on by the House this week, is the first-ever piece of stablecoin regulation. It would allow private entities to issue their own stablecoins, as long as they are fully backed by U.S. Treasuries. That will open the Treasury up to a whole new set of investors.

Stablecoin fever is still running hot. Zerohash, a crypto and stablecoin infrastructure startup, is set to raise about $100 million at nearly a $1 billion valuation, according to two sources familiar with the deal.