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,

Senate Democrats blocked a first-of-its-kind bill aimed at regulating cryptocurrency in the US amid Democratic concerns over President Donald Trump’s cryptocurrency dealings.

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.