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.

Democrats abandoned a joint hearing of two committees on crypto policy, inviting people to instead attend their own discussion of Trump's "crypto corruption."

Some Democrats who had supported legislation for so-called stablecoins are now demanding tougher language to prevent fraud and money laundering.

New York Times reporter David Yaffe-Bellany breaks down how a Trump-linked digital coin is drawing scrutiny and international investment.