Upcoming Senate Vote on Cryptocurrency Legislation
Chief congressional correspondent Chad Pergram reports that the Senate is approaching a pivotal test vote on significant cryptocurrency legislation. This bill has sparked considerable political debate. President Donald Trump supports the crypto industry, while Sens. Elizabeth Warren from Massachusetts and Adam Schiff from California have expressed opposition.
The Demise of the Penny
Meanwhile, the House of Representatives passed the Common Cents Act to phase out the one-cent coin. The unanimous decision aims to send this smallest U.S. currency denomination into obscurity. The bill prevents the Treasury from minting more pennies, except for collector’s items, and introduces a system where cash transactions are rounded to the nearest five cents. This move aims to eliminate the need for pennies altogether.
A memorial site for the ‘funeral for the penny’ was established at the Lincoln Memorial in Washington, D.C., following the Trump administration’s order to halt penny production.
A special provision ensures cash wages are rounded up when the total isn’t divisible by five cents, keeping the existing pennies as legal tender.
Economic Implications
The decision to stop penny production last occurred in November 2025 after being in circulation for 232 years. This action, backed by Congress and potentially signed into law by President Trump, aims to prevent future reversals by other administrations.
The cost to produce pennies has surged dramatically in recent years, estimated to be more than three times their nominal value. The Treasury anticipates annual savings of $56 million due to this decision.
Republican Lisa McClain from Michigan and Democrat Robert Garcia from California spearheaded the bill, building on previous legislation that halted penny minting but did not include cash transaction rounding.
Monitoring and Adjustments
Congress plans to monitor potential disruptions from these changes, directing the Treasury to assess the impact on groups like low-income individuals, older consumers, and those without bank accounts.
Additional provisions allow the U.S. Mint to produce nickels using less costly materials.
For further details or updates, follow politics reporter Elizabeth Elkind’s coverage on Twitter or reach out via email.
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