Stablecoins are cryptocurrencies designed to hold the value of a U.S. dollar. For many lawmakers on both sides of the aisle, passing a stablecoin bill seemed more feasible this year than tackling a larger crypto market structure bill, especially because stablecoins are less volatile and their value is usually tied to actual money sitting in a bank.

Sen. Richard Blumenthal wrote letters to Trump-affiliated business executives, asking about their ownership and investment structure.

Nine Senate Democrats pulled support from a Republican-backed stablecoin measure, causing chaos for Republicans and threatening President Trump's crypto-forward plan.

Donald Trump is set to raise millions of dollars from the crypto industry this month, but the events have set off alarms for ethics experts. The president was heading to his Trump National Golf Club on Monday night for a crypto industry fundraiser.

President Donald Trump has two crypto-focused dinners on the calendar this month — one aimed at deep-pocketed political donors, the other at meme coin millionaires.