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

The Senate voted 66-32 Monday evening to advance first-of-its-kind legislation to regulate “stablecoins,” a kind of cryptocurrency. Democrats had initially voted to block the bill earlier this month amid concerns over President Donald Trump’s cryptocurrency deals.

Some 220 of the biggest investors in the $TRUMP meme coin were invited to Trump's luxury golf club in Northern Virginia, where they ate filet mignon and halibut.

As people began arriving for the event, the price of $TRUMP dropped suddenly by about 6%, indicating a significant sales volume, before stabilizing.

The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

According to SB 21, the state can only use money from the reserve to buy cryptocurrency with an average market capitalization of at least $500 billion over the past 24 months. This means Texas would only be allowed to invest in large, established cryptocurrencies like Bitcoin and possibly Ethereum, depending on market conditions.

Steve Daines has been in the US Senate for 10 years, assuming office in 2015. In recent years, he has become a proponent of the crypto industry, rubbing elbows with industry bigwigs like Bitcoin ( BTC) evangelist and Strategy CEO Michael Saylor and receiving a Digital Future Award from the Crypto Council for Innovation.

The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.