Senate Gears Up for Vote on Cryptocurrency Legislation

The Senate is preparing for a pivotal test vote on significant cryptocurrency legislation. Fox News chief congressional correspondent Chad Pergram reports on this political battle, noting President Donald Trump’s support for the crypto industry. He highlights opposition from Senators Elizabeth Warren (D-Mass.) and Adam Schiff (D-Calif.).

House Votes to Eliminate Penny

In a move affecting everyday transactions, the House of Representatives voted unanimously to pass the bipartisan Common Cents Act. This legislation takes steps to phase out the one-cent coin. The bill blocks minting new pennies, except for collectors, and establishes cash transactions to be rounded to the nearest five cents.

“The penny will soon resemble the dodo in terms of obsolescence,” a joke reflects the sentiment surrounding the change.

The act still allows cash wages to be rounded upward if not divisible by five cents. Existing pennies will remain legal tender, but production stopped in November 2025, ending 232 years of circulation. A future administration cannot reverse this measure without new legislation signed into law.

Impact and Savings

The Treasury’s press release estimated annual savings of $56 million due to rising production costs, which exceed the coin’s value. This bill was spearheaded by House GOP Conference Chair Lisa McClain (R-Mich.) and Rep. Robert Garcia (D-Calif.), focusing also on cheaper production of nickels.

Alongside eliminating penny production, Congress aims to monitor any disruptions caused by rounding cash transactions. The Treasury will evaluate the impact on low-income Americans and others, ensuring measures are in place to prevent adverse effects.

Reporter Elizabeth Elkind covers politics for Fox News Digital. Contact her on Twitter at @liz_elkind.