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.

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

The GENIUS Act failed a key Senate vote Thursday, leaving the future of the stablecoin bill and other crypto legislation in question.