The US Senate has voted 66-32 to advance landmark cryptocurrency legislation, clearing a major hurdle in its path to passage. The vote is a significant win for the crypto industry, which has long lobbied Congress for favorable regulations.
In a bipartisan effort, Republicans and Democrats reached an agreement on key changes to the bill, winning over enough Democratic support to meet the 60-vote threshold required for advancement. The legislation aims to regulate stablecoins, digital assets that can be used as a medium of exchange.
Supporters argue that the bill provides certainty for stablecoin issuers while addressing concerns about the Trump family’s crypto ventures. However, many Democrats remain opposed, citing worries about potential corruption and negative impacts on national security and consumer protection.
The Senate is expected to vote on final passage after the Memorial Day recess, with the legislation then heading to the House of Representatives for reconciliation. If passed in both chambers, it will be sent to President Donald Trump’s desk for signature.
Source: https://www.politico.com/live-updates/2025/05/19/congress/crypto-stablecoin-senate-bill-republicans-democrats-00357887