Senate Democrats’ move Thursday to reject an industry-backed crypto bill delivered a significant blow to the digital asset lobby’s standing on Capitol Hill, where its agenda suddenly appears to be on wobbly ground.

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.