Senate Prepares for Crucial Vote on Cryptocurrency Legislation

The Senate is gearing up for a key test vote on an important piece of cryptocurrency legislation. Chad Pergram, Fox News chief congressional correspondent, reports on the political dynamics surrounding the bill. He notes that President Donald Trump supports the crypto industry, while notable opposition comes from Senators Elizabeth Warren of Massachusetts and Adam Schiff of California.

The House of Representatives recently took a significant step by voting to phase out the one-cent coin. This decision came with the passing of the bipartisan Common Cents Act, which was approved unanimously. The bill aims to halt the production of pennies, except for collector coins, and proposes a system where cash transactions are rounded to the nearest five cents. This measure is intended to render pennies unnecessary in everyday use.

Signage has already been erected at the ‘funeral for the penny’ site. The event follows the Trump administration’s directive to the Treasury to cease penny production at the Lincoln Memorial in Washington, D.C. An exception exists for cash wages, which should be rounded up if they are not divisible by five cents. Importantly, existing pennies will still remain legal tender.

The U.S. Mint stopped minting pennies in November 2025, ending 232 years of their circulation. If passed into law and signed by President Trump, this act of Congress would prevent any future administration from reversing the course. The cost of penny production has grown considerably, costing more than their face value to produce, with estimated annual savings projected at $56 million.

House GOP Conference Chair Lisa McClain of Michigan and Representative Robert Garcia, a Democrat from California, are leading the effort. Their bill proposes not only to cease penny production but also outlines conditions for rounding cash transactions. A previous bill on this subject passed the Senate but lacked provisions for rounding.

Additionally, the legislation would authorize the U.S. Mint to manufacture nickels from less expensive materials. Congress has tasked the Treasury with monitoring any adverse effects the new regulation may have on low-income individuals, seniors, and the debanked.

Elizabeth Elkind, a politics reporter with Fox News Digital, leads coverage of the House. She has reported for Daily Mail and CBS News previously. You can follow her work on Twitter @liz_elkind or send tips to [email protected].