Senate Crypto Vote Tests Trump's Ethics Concessions
The US Senate is set to vote on whether to advance legislation creating a new regulatory framework for cryptocurrency, a pivotal election-year test for the $2.3 trillion market.
The Digital Asset Market Clarity Act would establish clear federal rules for how cryptocurrencies are regulated, resolving longstanding jurisdictional disputes between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, many Democrats argue that the bill does not go far enough to rein in President Donald Trump's personal crypto investments, which have grown substantially since his re-election.
Trump has reported more than $500 million in revenue from World Liberty Financial's sales of crypto products, including 'governance tokens,' and holds a controlling stake in the company.