The U.S. cryptocurrency industry could be on the verge of a historic breakthrough as lawmakers move closer to passing comprehensive digital asset legislation. Former U.S. Senator Pat Toomey, now a member of Coinbase’s Global Advisory Council, revealed in a Bloomberg TV interview that a major crypto regulation bill is nearing approval in the Senate—a move that could reshape the regulatory landscape and spark a new wave of innovation.

Toomey warned that without a clear and supportive framework, the United States risks ceding leadership in the global digital currency race. “There’s no guarantee we’ll dominate the space unless we pass sensible legislation,” he stated, emphasizing the bill’s role in enabling crypto developers to build faster, more accessible payment solutions.

A cornerstone of the legislation is its focus on stablecoins. According to Toomey, the new framework is aligned with global standards, offering the U.S. a chance to reclaim leadership in stablecoin development after lagging during the Biden administration's earlier years. With the administration now showing renewed interest in digital finance, the momentum behind regulation is gaining strength.

Importantly, the proposed bill doesn’t just cater to innovation—it also includes strong consumer protection measures. In light of recent industry scandals, these provisions aim to reduce bankruptcy risks and restore trust among users. The anticipation surrounding the bill has already contributed to Bitcoin’s surge past $110,000, underscoring the market’s reaction to regulatory clarity.

While speculation continues over whether the Credit Card Competition Act might be attached to the crypto bill, Toomey strongly opposed the idea, calling it a “huge mistake.” He argued that the unrelated and contentious credit card measure could derail bipartisan support for the crypto legislation.

With the House already advancing related economic bills, the spotlight now shifts to the Senate. If passed, the legislation could mark a pivotal moment in U.S. financial policy—one that empowers innovation, protects consumers, and positions the country at the forefront of the evolving digital economy.