Over the objections of critics who say a landmark cryptocurrency bill lacks adequate consumer and financial system protections, among other concerns, several Senate Democrats voted with Republicans on Tuesday to pass the legislation that would establish a regulatory framework for a type of crypto called stablecoin.

The Senate voted 68-30 to pass the bill, which is backed by the crypto industry, with two Republicans senators voting no. The bill’s journey to Senate passage — which at one point seemed in doubt — comes after crypto groups spent tens of…