President Trump just watched his biggest crypto push collapse because of his own wallet.

The vote ended 48-49, with three senators missing. And no, it wasn't party politics that killed the bill—it was Trump's personal coin empire blowing everything up from the inside.

President Trump's personal crypto ventures and family-run crypto company have reportedly pulled a bipartisan bill to set federal rules for stablecoins.

The GENIUS Act, which had been largely supported by both Democrats and Republicans, was pulled from a vote on Thursday after four Democrats withdrew their support for the bill.

The vote on the GENIUS Act, which stands for "GENetic, Implies, Optimal, Useful,Sane and Economical," was expected to be close, and it ultimately fell short with a 48-49 vote, with three senators absent.

The bill, which would have set up a framework for stablecoins and other digital assets, had been seen as a priority for the administration, which had been urging Congress to pass legislation on the issue.

However, the bill faced several obstacles, including concerns from some Democrats about the bill's provisions on anti-money laundering and foreign investment in stablecoin companies.

The bill's supporters, including Senate Banking Chairman Bill Hagerty, R-Tenn., expressed disappointment over the outcome of the vote.

"It's really quite sad, because we had a bipartisan bill that was ready to go on stablecoin regulation," Hagerty said. "The administration had put it as a priority, and we had the votes to pass it."

The bill's opponents, including Senate Minority Leader Chuck Schumer, D-N.Y., argued that the bill did not go far enough in regulating stablecoins and could lead to instability in the financial system.

"This bill is a recipe for disaster," Schumer said. "It would create a shadow banking system that is not subject to the same rules and regulations as the traditional banking system."

The bill's defeat is a setback for the Biden administration, which had been hoping to pass legislation on stablecoins and other digital assets this year.

The administration has expressed concern about the potential for stablecoins to be used for illicit activities, and it is keen to see legislation passed that sets clear rules for the industry.

"The administration is focused on enacting legislation this year to provide clear rules for the use of stablecoins and to mitigate the considerable risks they pose to consumers, the financial system, and national security," a White House spokesperson said.

Stablecoins are a type of cryptocurrency that is designed to maintain a stable value, typically by being pegged to a fiat currency such as the US dollar. They have become increasingly popular in recent years as a means of payment and investment.

However, stablecoins are also a relatively new and rapidly evolving technology, and there are still several unanswered questions about how they should be regulated.

The GENIUS Act would have created a new regulatory framework for stablecoins, setting standards for capital, liquidity, and consumer protection. It would also have given the Federal Reserve the authority to regulate stablecoins and to set a minimum capital requirement for stablecoin banks.

The bill would also have imposed sanctions on foreign actors who interfere in US elections or who carry out cyberattacks against the United States.

The bill's defeat is a setback for bipartisan cooperation in the Senate, where lawmakers had been able to reach agreement on several key issues this year.

Despite the setback, lawmakers may yet try to pass legislation on stablecoins and other digital assets before the end of the year. Several other bills are still pending in Congress.

"There's still time to get this done," said Senator Jeff Merkley, D-Ore., who pulled his support for the GENIUS Act. "We need to get this right, and we need to do it soon."