The Senate Banking Committee advanced landmark stablecoin legislation Thursday in a major victory for the ascendant cryptocurrency industry, despite strong objections from top Democrat Elizabeth Warren.

The Senate Banking Committee Thursday voted to send a stablecoin bill to the full chamber for debate. Why it matters: The committee markup on the GENIUS Act was a key step in advancing a stablecoin bill,

The first committee approval of a stablecoin bill in this new congressional session now moves the so-called GENIUS Act toward the Senate floor.

Senator Bill Hagerty led the legislation with support from Tim Scott, the committee’s chairman, as well as Senators Kirsten Gillibrand, Cynthia Lummis, and

The Senate Banking Committee voted Thursday to advanced legislation to create a regulatory framework for payment stablecoins. The movement on the GENIUS Act marks a key win for the Trump

Warren said the bill would “clear the decks for Elon to issue X Money as his own stablecoin, without any guardrails to protect consumers."

The Senate Banking Committee will vote Thursday on a bipartisan deal to regulate stablecoins as House Republicans push for quick action on their own bill.

Financial technology executives are gearing up to advocate using dollar-backed stablecoins to cut transaction costs for American consumers and businesses.