Stablecoins are cryptocurrencies designed to hold the value of a U.S. dollar. For many lawmakers on both sides of the aisle, passing a stablecoin bill seemed more feasible this year than tackling a larger crypto market structure bill, especially because stablecoins are less volatile and their value is usually tied to actual money sitting in a bank.

Senate Democrats are balking at advancing landmark stablecoin legislation due to President Donald Trump's increasing personal benefits from his own crypto ties. Over the weekend, Sen. Ruben Gallego, a Democrat elected to represent Arizona with $10 million in backing from crypto super PAC Fairshake,