Legislation to create a framework for payment stablecoins failed to clear a key hurdle on the Senate floor Thursday, after several Democrats voted against moving forward with consideration of the b…

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Legislation that would create a regulatory framework for U.S. dollar-pegged cryptocurrency tokens known as stablecoins faced a setback on Thursday as the bill failed to clear a key hurdle in the U.S. Senate.

The move is a setback for the influential cryptocurrency industry, which spent heavily on congressional races last year.