It advanced out of the Senate Banking Committee in March with bipartisan backing, but bled Democratic support weeks later when it was revealed that an Abu Dhabi-backed firm would use $2 billion in stablecoin purchased from Trump family-linked crypto firm, World Liberty Financial, to invest in Binance.

U.S. Senate Republicans found support from 18 Democrats, including one of Arizona’s senators, to pass a measure that would create a regulatory structure around some cryptocurrency markets and boost usage of digital money for financial transactions.