The cryptocurrency industry spent millions of dollars in recent elections, influencing crypto legislation and political power in upcoming 2026 elections.

The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32.

Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

The vote, a procedural step needed to begin debate on the GENIUS Act, represents a major victory for the cryptocurrency industry.

Justin Sun — who owns $19 million worth of President Trump's meme coin — will attend a dinner with the president, after regulators paused a Biden-era lawsuit against Sun.

The U.S. Senate is poised to try another high-stakes procedural vote to push stablecoin legislation forward, which could mark a major win for the crypto sector.

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