Democrats united against the current version of the bill as they've raised concerns over Trump’s ties to the industry.

In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

A key procedural vote Thursday on a first-of-its-kind crypto regulation bill fell short in the Senate, facing opposition from Democrats amid ties between the crypto industry and the Trump family have threatened to tank the vote.