Senate Democrats have blocked legislation to regulate a form of cryptocurrency after arguing that the bill needed stronger protections.

The controversy over President Donald Trump’s crypto profits is threatening to derail a quick deal on bipartisan stablecoin legislation backed by both the crypto industry and the White House.

House Republicans unveiled a discussion draft of a market structure bill but all eyes this week were on the Senate, where a largely bipartisan effort to advance stablecoin legislation ran up against a wall.