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.

House Republicans unveiled a discussion draft of a market structure bill but all eyes this week were on the Senate, where a largely bipartisan effort to advance stablecoin legislation ran up against a wall.

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.