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.

Several House Democrats walked out of a hearing on cryptocurrency legislation Tuesday, after Rep. Maxine Waters (D-Calif.) objected over concerns about President Trump’s recent ventures in the digital asset industry.

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