Senate Advances Landmark Crypto Bill Amid Democratic Division

Crypto Regulation Inches Closer to Reality

In a pivotal move for the digital asset economy, the U.S. Senate voted 66-32 on Monday to advance a landmark cryptocurrency regulation bill — marking a historic step toward creating the country’s first-ever federal framework for stablecoins.

The bill, co-led by Sen. Bill Hagerty (R-Tenn.) and Sen. Kirsten Gillibrand (D-N.Y.), outlines rules for stablecoins — digital currencies pegged to the U.S. dollar — aiming to legitimize and standardize their use across financial markets.

A Bipartisan Breakthrough

This procedural vote clears the 60-vote threshold needed to move the legislation forward — with 16 Democrats joining Republicans, signaling rare bipartisan agreement.

🟦 Notable Democratic Votes in Favor:

• Kirsten Gillibrand (NY)

• Mark Warner (VA)

• Cory Booker (NJ)

• Jacky Rosen (NV)

• Adam Schiff (CA)

• Angela Alsobrooks (MD)

• And 10 others

Only two Republicans, Rand Paul (KY) and Jerry Moran (KS), opposed the motion.

🪙 What the Bill Covers

The proposed legislation provides:

• 🏦 A federal regulatory framework for stablecoin issuers

• 🔒 Consumer protections and financial oversight mechanisms

• 🔍 Clarity for developers and businesses operating with stable digital assets

• 📜 Guidelines that aim to curb illicit financial activity in crypto markets

Voices From the Floor

Sen. Kirsten Gillibrand (D-NY):

“This vote represents a major milestone in our bipartisan effort to regulate stablecoins. We’ve created a strong framework that positions the U.S. for leadership in financial innovation.”

Sen. Elizabeth Warren (D-MA):

“A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, is worse than no bill at all.”

The bill sparked tension within the Democratic party. Sen. Warren was seen in a heated debate with Gillibrand during the vote, citing concerns over the Trump family’s alleged crypto involvement.

⚖️ Concerns From the Left

Some Democrats remain deeply skeptical, pointing to:

• 💰 Potential financial gain for Trump family businesses

• 🛡️ Insufficient national security protections

• 🧾 Limited oversight for crypto transactions

Despite this, Sen. Mark Warner acknowledged these concerns but emphasized the bill’s necessity:

“We cannot let corruption blind us to the broader reality: blockchain technology is here to stay.”

🗳️ What’s Next?

• ✅ Senate final passage vote expected after Memorial Day recess

• 🏛️ House of Representatives will review the bill next

• 🧩 It must be reconciled with a separate House crypto bill passed last month

• 🖊️ If cleared, it heads to President Donald Trump’s desk for signature

💡 Why This Matters

This is the closest the U.S. has ever come to establishing a legal foundation for cryptocurrencies at the federal level. The outcome could:

• 🌐 Provide market clarity for investors and developers

• 🧑‍⚖️ Enhance consumer protection and enforcement

• 📈 Encourage innovation in blockchain and fintech sectors

• 🏛️ Set the tone for global crypto regulation