The Senate is expected to approve legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what is expected to be a wave of crypto legislation from Congress that the industry hopes will bolster its legitimacy and reassure consumers.

The fast-moving legislation, which will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle where the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.