Senate Advances Historic Crypto Bill 16 Democrats Join GOP in Pivotal Stablecoin Vote

Published: May 19, 2025
Updated: 9:53 PM ET

In a historic move for digital asset regulation, the U.S. Senate voted 66-32 on Monday to advance landmark cryptocurrency legislation, marking a significant step toward establishing the first federal regulatory framework for stablecoins.

This bipartisan vote signals a major breakthrough in crypto policy, with 16 Democrats joining most Republicans to overcome the 60-vote procedural hurdle and move the bill forward. The legislation, spearheaded by Senator Bill Hagerty (R-TN), aims to provide legal clarity for stablecoins, a class of digital currencies pegged to the U.S. dollar.

✅ Key Highlights of the Senate Crypto Vote

  • 66-32 procedural vote clears the path for Senate consideration of stablecoin regulation.

  • 16 Senate Democrats broke ranks to support the bill alongside GOP members.

  • The bill creates the first federal oversight framework for stablecoins.

  • A revised draft was circulated over the weekend following bipartisan negotiations.

  • Final Senate passage is expected after the Memorial Day recess.

🏛️ Why This Crypto Bill Matters

For years, the crypto industry has pushed for federal regulations that would legitimize digital assets and protect investors. This bill—focused on stablecoins—offers the first real attempt by Congress to implement consistent oversight in the fast-growing blockchain and crypto ecosystem.

“This cloture vote represents a major milestone in our bipartisan effort to regulate stablecoins,” said Sen. Kirsten Gillibrand (D-NY), the lead Democratic co-sponsor. “I’m confident we have crafted a robust framework that secures our financial future.”

🤝 Bipartisan Efforts Lead to Breakthrough

The crypto bill gained traction after weeks of closed-door talks between Democrats and Republicans. A previous version had failed on the floor just two weeks ago due to concerns over partisan language. However, over the weekend, lawmakers finalized a revised draft that garnered enough Democratic support to advance the legislation.

Democrats who voted ‘Yes’ include:

  • Kirsten Gillibrand (NY)

  • Angela Alsobrooks (MD)

  • Ruben Gallego (AZ)

  • Mark Warner (VA)

  • Lisa Blunt Rochester (DE)

  • Catherine Cortez Masto (NV)

  • Ben Ray Luján (NM)

  • Adam Schiff (CA)

  • Cory Booker (NJ)

  • Elissa Slotkin (MI)

  • John Fetterman (PA)

  • Maggie Hassan (NH)

  • Martin Heinrich (NM)

  • Jon Ossoff (GA)

  • Alex Padilla (CA)

  • Jacky Rosen (NV)

Only two Republicans—Rand Paul (KY) and Jerry Moran (KS)—voted against the bill.

⚖️ Democratic Party Remains Divided

Despite the show of bipartisan support, the bill has sparked deep divisions within the Democratic caucus. Notably, Sen. Elizabeth Warren (D-MA) emerged as a vocal critic, warning that the legislation fails to address critical issues around financial security, national risk, and potential conflicts of interest involving the Trump family’s crypto dealings.

“A bill that turbocharges the stablecoin market while facilitating the President’s corruption… is worse than no bill at all,” Warren said in a fiery floor speech.

🔍 Concerns Over Trump Family Crypto Ties

Some Democrats opposed the bill over allegations that members of the Trump family are using crypto to bypass oversight and enrich themselves. Nonetheless, several Democrats supporting the bill argued that long-term regulation of blockchain and stablecoin technology was necessary.

“Blockchain technology is here to stay,” said Sen. Mark Warner (D-VA), who helped lead the negotiations. “We can’t let legitimate concerns about the Trump family distract us from building regulatory clarity that protects all Americans.”

🗳️ What’s Next for the Stablecoin Legislation?

With Monday’s successful vote, the Senate is poised to hold a final passage vote after the Memorial Day recess. If approved, the bill would then head to the Republican-controlled House of Representatives, where it will need to be reconciled with a similar stablecoin bill passed by the House Financial Services Committee last month.

If both chambers reach agreement, the bill will be sent to President Donald Trump for final approval—a move that would cement the United States’ first official regulatory stance on digital currency.

📈 Crypto Market Reacts

Although markets had closed before the vote, analysts expect positive sentiment in the crypto sector following the legislative progress. Industry leaders have long advocated for regulatory clarity as a catalyst for innovation, investor protection, and global competitiveness.

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📌 Conclusion

The Senate’s advancement of this crypto bill represents a historic moment in U.S. financial regulation, setting the stage for federal oversight of stablecoins and potentially broader digital asset rules. As bipartisan support grows and negotiations continue, the U.S. may soon have its first comprehensive crypto law—with global implications for blockchain innovation and investor protection.