Senate Votes on Cryptocurrency Regulation as Democrats Push Back Over Trump's Crypto Profits

The Senate is set to vote on Tuesday on a bill that would create a new regulatory framework for cryptocurrency, but its passage teeters in the balance as Democrats push back against the proposal due to concerns over President Donald Trump's personal investments.

The $2.3 trillion cryptocurrency market has been pushing aggressively for a uniform set of rules, but some Democrats are adamant that the bill include strong ethics safeguards to prevent the president and his family from enriching themselves while in office.

Trump has amassed significant wealth in crypto while in office, including more than $500 million in revenue from World Liberty Financial sales of crypto products last year, according to his annual disclosure report filed with the Office of Government Ethics.

Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, said 'Let's make sure that we do not pass a crypto bill that will let Donald Trump continue to rake in billions of dollars in crypto profits while working families across this country struggle to deal with higher prices and an economy that gets worse by the day.'

The opposition from Democrats appears to have only solidified two months before the midterm elections, despite significant donations that crypto groups have given to some Democrats in recent years.