Senate prepares key test vote on landmark cryptocurrency bill
Fox News chief congressional correspondent Chad Pergram reports on the Senate’s upcoming test vote on landmark cryptocurrency legislation. He breaks down the political battle over the bill, including President Donald Trump’s support for the crypto industry and opposition from Sens. Elizabeth Warren, D-Mass., and Adam Schiff, D-Calif.
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Americans may soon no longer be able to offer a penny for their thoughts — because the 1-cent coin will be relegated to the ash heap of history.
The House of Representatives voted to send the smallest piece of U.S. currency the way of the dodo on Monday, passing the bipartisan Common Cents Act in a unanimous vote.
In addition to blocking the Treasury from minting any more pennies save for collector coins, the bill would also set up a framework for cash transactions to be rounded to the nearest 5 cents, in order to eliminate the need for pennies altogether.
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Signage at the memorial site of the “funeral for the penny,” months after U.S. President Donald Trump’s administration ordered the Treasury Department to halt production of the coins, at the Lincoln Memorial in Washington, D.C., U.S., December 20, 2025. (Annabelle Gordon/Reuters)
An exception would be provided for cash wages, which must be rounded upwards if the total is not divisible by 5 cents.
Existing pennies will still remain legal tender.
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The U.S. Mint stopped producing pennies in November 2025 after 232 years of circulation. But an act of Congress, if signed into law by President Donald Trump, would ensure a future administration does not reverse course.
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The cost of minting pennies has risen dramatically in recent years, costing more than three times their value to produce as of 2025. The Treasury estimated an immediate annual savings of $56 million in a press release explaining the decision.
The bill was led by House GOP Conference Chair Lisa McClain, R-Mich., and Rep. Robert Garcia, D-Calif., the top Democrat on the House Oversight Committee.
It builds on a past bill McClain led in the House that also passed the Senate directing the federal government to stop minting the penny, but that legislation did not include language on rounding out cash payments.
An additional provision would allow the U.S. Mint to produce nickels from cheaper material than they currently are made with.
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Congress would also monitor any disruptions the new rule causes to Americans by directing the Treasury to examine its effect on low-income people, older consumers, debanked people, among other groups.