Senate Set to Vote on Significant Cryptocurrency Bill
The Senate is gearing up for a pivotal test vote concerning major cryptocurrency legislation. Fox News chief congressional correspondent Chad Pergram has reported on the political dynamics surrounding the bill. President Donald Trump supports the growing crypto industry, while Sens. Elizabeth Warren, D-Mass., and Adam Schiff, D-Calif., are among those opposing it.
In a surprising move, the House of Representatives has taken steps to eliminate the penny from circulation. On Monday, the bipartisan Common Cents Act was passed unanimously, potentially ending the minting of the smallest U.S. currency piece. This legislation aims to round cash transactions to the nearest five cents, effectively making pennies obsolete.
Signage at the memorial site of the ‘funeral for the penny’ reflects months after President Trump’s administration’s directive to stop producing the coins, captured at the Lincoln Memorial in December 2025. (Annabelle Gordon/Reuters)
Under the bill’s provisions, cash wages will be rounded upwards if not divisible by five cents. Pennies currently in circulation will remain legal tender. The U.S. Mint ceased penny production in November 2025, after 232 years of circulation. A law spearheaded by Congress and potentially signed by President Trump could ensure that future administrations do not resume production.
The Economics of Pennies:
The penny’s production costs have escalated, with each coin costing over three times its value to produce as of 2025. This change promises an annual savings of $56 million, according to Treasury estimates. Chairman Lisa McClain, R-Mich., alongside Rep. Robert Garcia, D-Calif., spearheaded the current legislation.
This legislative effort builds on previous bills passed by McClain that directed the cessation of penny minting, albeit without including cash payment rounding provisions.
An additional aspect of the bill aims to produce nickels using cheaper materials. The legislation also mandates monitoring of potential disruptions caused by the changes, focusing on impacts on low-income, elderly, and debanked individuals.
Elizabeth Elkind, leading political coverage for Fox News Digital, has previously contributed to Daily Mail and CBS News. Follow her insights on Twitter at @liz_elkind or send news tips to her provided email.