Senate Crypto Bill Faces Delay Amid Democrats' Ethics Concerns

Crypto legislation in the US Senate faces a setback as Democrats block a time agreement to speed up consideration of outstanding legislative business. The delay gives staff several more weeks to work with the White House and industry stakeholders to resolve remaining issues.

Republicans blame Democrats for the delay, but some Democratic senators have signaled openness to backing the crypto bill in exchange for certain concessions. A group of around a dozen Democrats is pushing for an ethics provision that would prevent President Donald Trump from profiting off his family's crypto businesses.

The proposal, put forth by Senators Tillis and Gallego, includes a divestment requirement for Trump and allows state attorneys general to sue the Justice Department for not enforcing rules. However, it is unclear how viable this plan is for the White House and other Republicans.

Beyond ethics concerns, Democrats are also seeking changes to address law enforcement groups' worries about the bill and amendments to the commodities portion overseen by the Senate Agriculture Committee.