Crypto Industry's Bid for Clear Rules Fails Amid Trump Disclosure Controversy
The crypto industry's attempt to pass legislation that would provide 'durable protections for consumers' and ethics restrictions on lawmakers has failed. Faryar Shirzad, chief policy officer at Coinbase, said in a statement that the campaign for clear rules has always been 'mission-first and focused on sound crypto policy.' He added that absent legislation, their efforts will continue, with federal regulators already moving forward.
Sen. John Kennedy (R-La.), a supporter of the measure, predicted it would come back to life during Congress' lame-duck session following the midterm elections. However, he said the bill ran into trouble when President Trump filed his financial disclosure, which revealed over $1.4 billion in income through several cryptocurrency ventures in 2025.
Sen. Kennedy stated that 'I knew when that happened that the Democrats were going to blow up and insist on having their way on the ethics provision.' He also said he doesn't think it says anything about crypto's influence in Washington, but the outcome may have significant political consequences for Senate Democrats.