The Senate advanced bipartisan stablecoin legislation supported by the crypto industry and President Donald Trump, with final passage of the measure likely next week.

Senate leaders are expected to bat away efforts to attach language pushed by retailers and their allies in the Senate to mandate competition to Visa Inc. and Mastercard Inc. in credit card processing, as well as a Democratic push to ban Trump from profiting off his crypto ventures.

The 68-30 procedural vote on Wednesday clears a key procedural obstacle. It came a day after the House Financial Services and Agriculture committees advanced broader crypto legislation, with Republicans beating back amendments targeting Trump’s crypto profits.
Both measures are top priorities for the digital assets industry. Crypto titans flooded money into last year’s election with the best-funded alliance of corporate political action committees in US history — Fairshake PAC and two affiliated entities.

Industry backers are hoping the stablecoin legislation — which aims to set rules for crypto tokens pegged to value of the US dollar or another traditional traditional currency — will help turn stablecoins into a mainstream form of payment.

Some Republicans in the House have talked up the idea of packaging the broader bill governing the regulation of digital assets with the stablecoin measure, but that could delay getting the stablecoin bill to the president’s desk.

Senate Banking Chair Tim Scott has told Bloomberg he expects to hold a hearing on a broad crypto regulation bill in July but does not anticipate passing it in the Senate until the fall.

Senate Majority Leader John Thune on the Senate floor Wednesday set a goal of passing the stablecoin bill within days and said he hoped the House would quickly send it to Trump’s desk.

Backers, including the president and Treasury Secretary Scott Bessent, have touted dollar-pegged stablecoins for their potential to increase demand for dollars and U.S. debt. Under the legislation, stablecoin issuers would have to hold dollar-for-dollar reserves in assets like short-term government debt or similar products supervised by federal or state regulators.

Retailers have lobbied for the bill in hopes that stablecoins will give them cheaper and faster transactions than existing payment systems including credit cards. They have been pushing to attach the credit card measure, which would mandate large banks include a competitor to Visa and Mastercard networks for processing credit card transactions.

Banks, especially smaller ones, have warned about a potential drain on deposits and consequently access to credit. Larger banks are considering issuing their own stablecoins, which generate profits from interest on the reserves.

Democrats led by Senator Elizabeth Warren argue the stablecoin bill doesn’t do enough to protect consumers and the financial system if issuers fail, leaving customers vulnerable to losing their money and potentially fueling demands for federal bailouts.