Senate Democrats’ move Thursday to reject an industry-backed crypto bill delivered a significant blow to the digital asset lobby’s standing on Capitol Hill, where its agenda suddenly appears to be on wobbly ground.

Democratic supporters of the measure to regulate parts of the industry refused to allow it to move forward amid concerns in their party that President Trump and his family are profiting from cryptocurrency.

Stablecoin and market structure bills are the two big things around crypto that Congress is expected to get to President Donald Trump's desk this year. There was a press conference by crypto and AI czar David Sacks with the chairs of the House and Senate committees. Everyone had this rough deadline of "before the August recess."