Democrats who had sided with the rest of their party last week to block the measure over concerns that President Trump could benefit dropped their objections. They argued that regulating the industry was urgent.

The Senate on Monday revived a first-of-its-kind bill to regulate parts of the cryptocurrency industry, after a small number of Democrats who had joined the rest of their party in blocking the measure joined Republicans in allowing it to advance.

The vote was 66 to 32 to move forward with the legislation, which would create a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an existing asset, often the U.S. dollar. Sixteen Democrats joined the majority of Republicans in support, acting over the opposition of most others in their party, who were concerned that President Trump and his family were inappropriately profiting from crypto.