The Senate has advanced a bipartisan stablecoin bill backed by the crypto industry and President Donald Trump, clearing a significant procedural hurdle and setting the stage for a likely final vote next week.
In a 68-30 vote on Wednesday, lawmakers pushed the legislation closer to passage. Senate leaders are expected to block efforts to attach unrelated provisions — including one from retailers pushing for more credit card competition against Visa Inc. and Mastercard Inc., as well as a Democratic amendment aimed at banning Trump from financially benefiting from his crypto ventures.
The vote comes just one day after the House Financial Services and Agriculture Committees moved forward on broader crypto regulation legislation. In that hearing, Republicans successfully blocked amendments targeting Trump’s profits from digital assets.
Both legislative efforts represent major wins for the crypto industry, which poured massive funding into the 2024 election cycle through Fairshake PAC and its affiliates — forming one of the most heavily financed corporate political action networks in U.S. history.
Industry leaders hope the stablecoin bill, which would establish federal guidelines for cryptocurrencies tied to the U.S. dollar or other fiat currencies, will help solidify stablecoins as a mainstream payment method.
Some House Republicans have floated the idea of combining the broader crypto regulation bill with the stablecoin measure, but doing so could delay sending the bill to President Trump for signature.
Senate Banking Chair Tim Scott told Bloomberg he plans to hold a hearing on the broader crypto bill in July, though he doesn’t expect a Senate vote on that larger measure until the fall.
On Wednesday, Senate Majority Leader John Thune voiced support for expediting the stablecoin legislation. “We’re aiming to pass this within days,” Thune said on the Senate floor, adding that he hopes the House will quickly move it along to Trump’s desk.
Supporters — including President Trump and Treasury Secretary Scott Bessent — have highlighted the potential of dollar-backed stablecoins to boost demand for U.S. dollars and government debt. Under the proposed law, stablecoin issuers would be required to hold reserves equal to the value of issued coins, backed by assets such as short-term Treasury securities and monitored by federal or state regulators.
Retailers have lobbied in favor of the legislation, viewing stablecoins as a pathway to faster and cheaper payment options compared to current credit card networks. However, they’ve also been advocating for a provision that would force big banks to include additional credit card processors beyond Visa and Mastercard — an effort that has met resistance. Smaller banks warn that such changes could impact deposit levels and limit access to credit, while large banks are exploring launching their own stablecoins to profit from interest earned on reserves.
Meanwhile, Democrats, led by Senator Elizabeth Warren, have raised alarms over consumer protections in the bill. Warren argues that the legislation fails to safeguard users if stablecoin issuers collapse, potentially leading to financial losses for customers and calls for taxpayer-funded bailouts.
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