Senate Crypto Bill Delayed Amid Ethics Disputes and Banking Concerns
The Senate's crypto bill, aimed at regulating digital assets and clarifying their relationship to traditional financial systems, is facing significant delays due to disagreements over key provisions. The delay has given lawmakers several more weeks to work with the White House and industry stakeholders to iron out remaining issues.
Democrats are pushing for an ethics provision that would crack down on President Trump's ability to profit from his family's crypto businesses. A counteroffer proposed by Senators Tillis and Gallego, which includes a divestment requirement for Trump, is uncertain in its viability with the White House and other Republicans.
Beyond the ethics fight, Democrats are also seeking changes to address concerns raised by law enforcement groups about the bill. Additionally, amendments are being sought to the commodities portion of the measure, overseen by the Senate Agriculture Committee.
Meanwhile, some Republicans are pushing back against the bill due to concerns voiced by banks that crypto rewards programs could spark deposit flight and threaten their lending capacity. At least two Republicans have expressed opposition to the bill, citing these concerns.