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

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.

Senate Democrats blocked stablecoin legislation backed by the digital assets industry amid a furor over President Donald Trump’s extensive and growing portfolio of crypto ventures.Backers of the bill failed to muster enough support to bring it up for consideration with only 48 senators voting in favor Thursday,