Senate Cryptocurrency Bill Faces Backlash from Democrats over Trump's Investments
The US Senate is set to vote on a bill that would create a new regulatory framework for cryptocurrency, a move that has significant implications for the $2.3 trillion market.
However, Democrats are pushing back on the legislation, citing concerns that it does not go far enough to rein in President Donald Trump's investments in crypto assets.
The bill, which has been in the works for a year, aims to give the industry more legal certainty and protect consumers by creating a broad set of guardrails and regulatory requirements. But Democrats say it is a giveaway to the industry, which strongly backs the bill and has become a major donor to candidates in both parties.
Trump's family has amassed significant crypto wealth since his re-election, including profits from the launch of a meme coin, announced just before Trump took office. The president reported over $500 million in revenue from World Liberty Financial, a crypto firm co-founded with his special envoy Steve Witkoff.