US Senate advances Bill to regulate stablecoins, a type of cryptocurrency

The Senate has voted to move forward with legislation to regulate a form of cryptocurrency called stablecoins, two weeks after Democrats blocked the measure.

Monday’s 66-32 procedural vote keeps one of President Donald Trump’s top legislative priorities on track for passage and highlights the growing political strength of the cryptocurrency industry, which spent heavily in last year’s election and has amassed a large war chest for next year’s midterms. Several Democrats reversed and voted to move forward with the legislation after negotiations with Republicans in recent days.