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Republicans in the U.S. Senate just hit a major roadblock in their push to pass a new stablecoin law — a key part of President Trump’s pro-crypto agenda.

Nine Democrats withdrew their support, saying the new version would threaten the financial system. The legislation is now seriously delayed, as per POLITICO.

The opposition, led by Sen. Ruben Gallego (D-Ariz.), comes at a time when Senate Republicans are trying to rush a vote on the bill by the end of May.

The bill has been cast as a centerpiece of the Trump administration’s pro-crypto agenda and was expected to be one of the first bipartisan wins of the Trump administration in the second term.

However, the unexpected stance of the Democrats complicates efforts to advance the bill, as it requires 60 votes to avoid a Senate filibuster. Four of the nine Democrats had recorded votes in favor of an earlier version of the bill in committee but had rescinded their support after Republicans made substantial changes to the bill last week.

Legislators raised concerns that the amended proposal would add risks to the financial system and would unfairly favor private issuers.

Senate Majority Leader Chuck Schumer (D-N.Y.) told members of his caucus not to vote for the bill during a closed-door meeting, adding that it would need to be negotiated.

There were also internal concerns raised with Schumer about what would look bad from the perspective of coming out in favor of industry-backed legislation when members of the Trump family are poised to make millions from their exploration of crypto business opportunities. GOP aides were surprised to see the Democrats push back, but they suggested that negotiations are still happening.

The Senate's approval of the bill would still require it to be reconciled with a separate version voted on in the House.