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

The bill was introduced by a Huntsville Republican and has already passed in the state House of Representatives.

The Senate didn’t muster enough votes to carry a stablecoin bill across a procedural hurdle Thursday, leaving in limbo a bill that only two months ago found bipartisan support in the Senate Banking Committee.

Senate Democrats have blocked legislation to regulate a form of cryptocurrency after arguing that the bill needed stronger protections