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 in a 49-48 vote Thursday, falling short of the 60 votes needed. 

Several Democrats, including Brian Schatz and Chris Coons, said the bill was not ready, with no finalized legislative text reflecting a compromise.

Republicans rebuffed Democrats’ demands to include a provision barring Trump and other senior officials from profiting off of crypto ventures while in office.

It’s possible the two sides could still reach a deal in the coming weeks, with many Democrats calling stablecoin regulation essential to protect consumers and provide rules of the road for a burgeoning industry.

Senator Mark Warner, a Virginia Democrat who voted against moving forward despite earlier saying significant progress had been made in talks, said he hopes the issue can be revived.

If a deal can be worked out, the legislation could be an inflection point for the digital asset industry, which has vocally advocated for its passage.

Trump has promoted a memecoin bearing his name on his social media platforms, and stands to profit from its success. 

Sales of the token jumped after organizers launched a contest that would give its largest holders the chance to join a private dinner with the president. Democrats including Senator Elizabeth Warren of Massachusetts called such an incentive blatantly corrupt.

The outcome is a victory for Warren, who had urged Democrats to filibuster the bill unless the ban was added.

With assistance from Jamie Tarabay and stacy-marie ishmael.

This article was generated from an automated news agency feed without modifications to text.