Crypto shares rallied in overnight trading as bitcoin rose above $106K. Canaan up 5%; Bit Digital up 3%; The9 up 2.7%.

Stablecoin legislation overcame a procedural blockade in the US Senate, marking a major victory for the crypto industry after a group of Democrats dropped their opposition Monday.

The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week, although senators said a final vote could slip until after the Memorial Day recess.

Democrats had united to filibuster the legislation earlier this month amid a furor over President Donald Trump’s crypto dealings along with other concerns related to the regulation of stablecoins.

But the Senate voted 66-32 on Monday night to end the filibuster.

Crypto-friendly Democrats led by Senators Kirsten Gillibrand of New York and Angela Alsobrooks of Maryland negotiated modifications to the legislation and urged their colleagues to support it even without a ban on Trump profiting from his family’s many crypto ventures while in office.