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

Democratic supporters of the measure to regulate parts of the industry refused to allow it to move forward amid concerns in their party that President Trump and his family are profiting from cryptocurrency.

A key procedural vote Thursday on a first-of-its-kind crypto regulation bill fell short in the Senate, facing opposition from Democrats amid ties between the crypto industry and the Trump family have threatened to tank the vote.