Washington DC - The Senate on Monday advanced a controversial bill that to regulate parts of the cryptocurrency industry after a number of Democrats came forward to support the Republican-led effort.

The GENIUS Act creates a regulatory framework for "stablecoins," a type of cryptocurrency that is tied to a specific asset such as gold or the US dollar.

Proponents of the bill believe that it is an opportunity to introduce controls and safeguards on a cryptocurrency that is becoming increasingly important in the global economy.

But critics have warned that it gives large tech corporations the power to issue their own stablecoins, incentivizing them to force consumers into using them for payments.

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Having initially opposed the legislation, a group of 16 Democrats joined with Republicans to advance the bill in a 66 to 32 vote.

New York Senator Kirsten Gillibrand was among those who changed her mind after some amendments were made, calling the bill "essential" to protect consumers and stimulate "responsible innovations."

"The bipartisan GENIUS Act will provide regulatory clarity to this important industry, keep innovation on shore, add robust consumer protection, and reaffirm the dominance of the U.S. dollar," Gillibrand said in a statement on Friday.

Virginia Senator Mark Warner also supported the bill, but expressed concern over President Donald Trump's deep ties to of the cryptocurrency industry, which "evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans."

Elizabeth Warren, who warned that "there is no excuse for Congress to pass a crypto bill that will turbocharge Trump's corruption."

The GENIUS Act is now set for a final vote in the Senate that will determine whether it passes.