The Senate is voting on legislation regulating a form of cryptocurrency called stablecoins. The bill is the first in what’s expected to be a wave of crypto-friendly legislation in Congress following the industry’s heavy spending in last year’s election.

The Senate is poised to pass a bill to regulate stablecoins, the lifeblood of the crypto market, awarding the industry a victory it has sought for years. The industry’s bigger goals will be harder to achieve,