Democrats turned against a Senate stablecoin bill Thursday that some had supported in committee, leaving it short of votes needed to advance.

Legislation that would create a regulatory framework for U.S. dollar-pegged cryptocurrency tokens known as stablecoins faced a setback on Thursday as the bill failed to clear a key hurdle in the U.S.

Legislation to create a framework for payment stablecoins failed to clear a key hurdle on the Senate floor Thursday, after several Democrats voted against moving forward with consideration of the