The Senate is gearing up for a critical test vote on a significant piece of cryptocurrency legislation, with Fox News chief congressional correspondent Chad Pergram providing insights into the political dynamics surrounding the bill. This legislation has garnered support from President Donald Trump but faces opposition from senators like Elizabeth Warren and Adam Schiff.

In parallel, the House of Representatives has voted to phase out the penny by passing the Common Cents Act with unanimous support. This act will prevent the Mint from producing pennies, except for collector coins. A new system proposes rounding cash transactions to the nearest five cents to eliminate the penny entirely, except for cash wages, which must be rounded up when necessary.

The U.S. Mint halted penny production in 2025 after 232 years, citing high production costs, which exceeded their value. The legislation is led by Representatives Lisa McClain and Robert Garcia, aiming for an estimated annual savings of $56 million.

An additional provision in the bill would allow the U.S. Mint to use cheaper materials for producing nickels. Congress will oversee impacts on certain groups, directing the Treasury to monitor effects on low-income individuals, seniors, and those lacking bank access.