Senate Crypto Bill Hinges on Trump Ethics Concessions
The US Senate is set to vote on a bill that would establish a regulatory framework for the $2.3 trillion cryptocurrency market, but its passage is uncertain due to opposition from Democrats who say it doesn't do enough to prevent President Donald Trump's personal investments from profiting.
Despite concessions made by Trump, including new restrictions on federal elected officials issuing digital assets and additional powers for state attorneys general, Democrats are still blocking the bill. They want a requirement for the president or any future president to divest if holdings reach a certain value.
Republican Senator Cynthia Lummis of Wyoming, a lead sponsor of the bill, says that a no vote would mean opposing real ethics reforms on politicians' personal investments and leaving Americans with zero protections in the digital asset markets.
The legislation aims to give the industry more legal certainty and protect consumers by creating a broad set of guardrails and regulatory requirements. However, opponents say it's a giveaway to the industry, which has become a major donor to candidates around the country.