Republican and Democratic senators have reportedly reached an agreement on the GENIUS Act, which would create a clear regulatory framework for stablecoins.
The actual text of the bill that has secured bipartisan support is not yet public.
Senate Democrats have requested more time in order to be able to brief their caucus about the bill.
The Republicans are intending to push a full Senate vote as early as this week amid growing momentum.
As reported by U.Today, several pro-crypto Democratic senators soured on the bill last year, jeopardizing its passing. It was reported that Senate Minority Leader Chuck Schumer was particularly concerned about stablecoin giant Tether.
Massachusetts Senator Elizabeth Warren publicly spoke out against the bill, drawing criticism from the crypto community.
On Tuesday, Politico reported that Kentucky Senator Rand Paul was also leaning against passing the bill, breaking with other Republicans. Paul argued that crypto was doing "okay" without federal regulation.
Now, however, there seems to be some sort of a breakthrough.
As reported by U.Today, Senate Majority Leader John Thune wants to hold a vote before Memorial Day (May 26)