By a one vote margin, the Senate stymied a first-of-its kind measure designed to regulate cryptocurrency in the United States, with Republicans crossing party lines to derail the bill.

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.

Analysts and lobbyists had once considered stablecoin legislation almost certain to pass this year, but the bill - dubbed the GENIUS Act in the Senate - has faced pushback from Democrats as frustration has grown over President Donald Trump's various crypto ventures.