The Senate advanced a major cryptocurrency regulation bill Monday on a bipartisan vote two weeks after every Senate Democrat united to block it.
The procedural vote on the GENIUS Act — which would establish the first regulatory framework for issuers of stablecoins, digital tokens pegged to fiat currencies like the U.S. dollar — was 66-32. Sixteen Democrats voted with the majority of Senate Republicans to advance the bill. Two Republicans, Sens. Rand Paul of Kentucky and Jerry Moran of Kansas, voted against it.
The bill needed to cross the 60-vote threshold to advance to final passage in the Senate, where Republicans hold a three-seat majority.