US Senate moves closer to final vote on landmark crypto bill

The US Senate took a major step Wednesday toward passing a landmark cryptocurrency bill that would establish the first U.S. regulatory framework for stablecoins, digital tokens that are pegged to the value of the dollar.

In a 68–30 vote, senators advanced a revised version of the bill, led by Sen. Bill Hagerty (R-Tenn.), after weeks of delays, Politico reported. The substitute amendment includes changes negotiated last month to gain enough Democratic support. “[This] takes a common-sense, bipartisan approach to regulating stablecoins,” said Hagerty.

Sen. Elizabeth Warren (D‑Mass.), the party’s leading voice on the Banking Committee, warned that the bill “is riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.”

Despite Warren’s objections, 18 Democrats joined Republicans to advance the measure — including Sens. Andy Kim (N.J.) and John Hickenlooper (Colo.), who had opposed the previous procedural motion. Sen. Lisa Blunt Rochester (D‑Del.) switched to a “no” vote after earlier supporting advancement. Majority Leader John Thune (R‑S.D.) signaled he may forgo additional amendment votes, citing prolonged negotiations.

A late push by Sen. Roger Marshall (R‑Kan.) to attach a controversial crackdown on credit‑card swipe fees has threatened to derail the bipartisan coalition, with supporters fearing it could become a poison pill.

If no deal on further amendments emerges, the Senate could take up final passage as soon as Monday.