The Senate Banking Committee advanced landmark stablecoin legislation Thursday in a major victory for the ascendant cryptocurrency industry, despite strong objections from top Democrat Elizabeth Warren.

Senator Bill Hagerty led the legislation with support from Tim Scott, the committee’s chairman, as well as Senators Kirsten Gillibrand, Cynthia Lummis, and

Warren said the bill would “clear the decks for Elon to issue X Money as his own stablecoin, without any guardrails to protect consumers."

The Senate Banking Committee will vote Thursday on a bipartisan deal to regulate stablecoins as House Republicans push for quick action on their own bill. Committee Chair Tim Scott announced a revised proposal late Monday that he said had been negotiated with stakeholders in the industry and “will protect consumers and expand financial inclusion for Americans across the country.

Financial technology executives are gearing up to advocate using dollar-backed stablecoins to cut transaction costs for American consumers and businesses.