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.

The setback is a blow to the crypto industry, which has long pushed for lawmakers to pass legislation creating new rules for digital assets. The sector spent more than $119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan.