Legislation regulating stablecoins, a type of cryptocurrency whose value is pegged to another asset, is set for a vote in the Senate.

Stablecoin legislation overcame a procedural blockade in the US Senate, marking a major victory for the crypto industry after a group of Democrats dropped their opposition Monday.

David Sacks says the stablecoin bill will pass the Senate, despite controversy over Trump-linked crypto firms and growing tension with the banking lobby.