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.

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.

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