While the crypto industry celebrates a win, some Democrats are calling to end the president's crypto projects altogether.

The U.S. Senate voted to move ahead on stablecoin legislation Monday night, removing a procedural barrier to ultimately passing the bill out of the body entirely.

The crypto industry appears poised to grab its first major legislative victory as Congress moves closer to passing a bill to regulate stablecoins. Its next goal—legislation regulating exchanges and token issuers—might be a steeper hill to climb.