Blockchain is the technology underpinning all cryptocurrencies, and many related products like non-fungible tokens (NFTs). In essence, it is a virtual spreadsheet on which all the buying and selling of crypto is recorded. They are arranged in blocks linked together in a giant chain - hence the name.

The price of bitcoin jumped around 3% briefly on Monday, trading as high as $123,166 — a new record for the crypto. After hitting this level, bitcoin cooled slightly, falling below $120,000. But the attention on crypto looked far from over.

But those efforts hit an early snag Tuesday, when several conservative Republicans joined with Democrats in blocking a procedural vote to allow consideration of three crypto bills as part of a dispute over how the measures should be packaged and considered.