Senate Democrats have blocked legislation to regulate stablecoins, a form of cryptocurrency, after arguing that the bill needed stronger protections and airing concerns that it could help President Donald Trump enrich himself.

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.

Senate Democrats blocked a first-of-its-kind bill aimed at regulating cryptocurrency in the US amid Democratic concerns over President Donald Trump’s cryptocurrency dealings.