WASHINGTON­–The Senate today is  expected to begin consideration of first-of-its-kind cryptocurrency legislation and set it on a course to hold its first-ever vote on a digital assets regulatory overhaul.

Earlier this week Senate Majority Leader John Thune (R-S.) filed cloture on the bill, which is being led by Sen. Bill Hagerty (R-TN). That sets the bill up for a procedural vote today that  will require bipartisan support.

To get that bipartisan support, Republicans have been seeking to win over a group of Democrats who said over the weekend they would not support the most recent version of the legislation, according to Politico.

However, Sen. Kevin Cramer (R-ND) was quoted as saying, it  “sounds like they’re getting close to recovering the momentum.”

Meeting Behind Scenes

According to the report, staffers have been meeting behind the scenes to try to come to an agreement on language that would be able to clear the 60-vote threshold required for it to advance today.

As the CU Daily has previously reported, the legislation in question would create the first-ever U.S. regulatory framework for digital tokens known as stablecoins that are pegged to the value of the dollar.

Sen. Rand Paul (R-KY) said earlier this week he is leaning against backing the legislation, saying the regulations it would impose are unnecessary and could prove to be harmful to the crypto industry in the long run, according to Politico.

Meanwhile, Sen. John Kennedy (R-LA), who voted for the stablecoin bill when it cleared the Senate Banking Committee in March, said he can’t commit to supporting the legislation on the floor until he sees what the final text looks like.

‘All Over Hell’

“It’s changed a lot, and they’re making deals all over Hell and half of Georgia,” he told Politico. “Until I understand what those deals are and how the bill has changed, I’m not on board.”