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.

Stablecoin and market structure bills are the two big things around crypto that Congress is expected to get to President Donald Trump's desk this year. There was a press conference by crypto and AI czar David Sacks with the chairs of the House and Senate committees. Everyone had this rough deadline of "before the August recess."