Senate Democrats have blocked legislation to regulate stablecoins, a form of cryptocurrency, after arguing that the bill needed stronger protections and airing concerns that it could help President Donald Trump enrich himself.

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,

The vote to invoke cloture on the Senate's stablecoin bill failed 48-49, delaying the final passage of the crypto legislation.