The Senate voted to move forward with consideration of legislation to create a regulatory framework for payment stablecoins Monday night, bringing the key crypto bill one step closer to final passage.

Sixteen Democrats joined all but two Republicans in voting to end debate on a motion to proceed on the GENIUS Act.

The vote marks a reversal for the group of more than a dozen Democrats, who joined with the rest of their colleagues to vote down the legislation earlier this month amid a dispute with Republicans.

“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,” Senate Banking Chair Tim Scott (R-S.C.) said in a statement. “After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape.”

“By moving........

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