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

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

U.S. Senate Banking Committee approves GENIUS Act for stablecoin regulation, with bipartisan support advancing it toward a full Senate vote.

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.