President Trump’s recent cryptocurrency dealings are casting a shadow over efforts to pass legislation for the industry at a key moment, as the Senate gears up to vote on a stablecoin bill Thursday.

Senate leadership is preparing to hold a vote on the GENIUS Act, which would create a regulatory framework for payment stablecoins. However, a contingent of crypto-friendly Democrats have threatened to vote it down, accusing Republicans of prematurely cutting off negotiations over the bipartisan bill.

The showdown over the stablecoin bill comes as the Trump family's growing portfolio of crypto projects fuel the legislation’s opponents, who argue it will allow the president and his family to profit from the industry.

Crypto investors and advocates who were elated by Trump's moves to bolster the industry are now growing concerned.

“Trump’s not helping himself,” said Nic Carter, a founding partner at crypto investment firm Castle Island Ventures, adding, “Everyone I know in crypto is very frustrated by this. It’s like a completely unnecessary own goal.”

Trump’s close ties to the crypto industry have raised concerns since before he took office. As the president embraced digital assets on the campaign trail last fall, he and his sons launched their own crypto venture, World Liberty Financial. And shortly before his inauguration, the president and first lady Melania Trump launched meme coins.

Both World Liberty Financial and the president's meme coin have drawn scrutiny once again in recent weeks.

Trump is set to attend a dinner with the top investors in his meme coin later this month. The announcement in April, which encouraged participants to “hold as much $TRUMP as you can,” caused the price of the token to spike 60 percent.

World Liberty Financial also announced last week that Emirati firm MGX would be using the company's brand-new........

© The Hill