Senate Votes on Crypto Bill as Democrats Demand Ethics Changes

The Senate votes Tuesday on a bill to regulate the $2.3 trillion cryptocurrency market. The legislation requires 60 votes to pass in the 53-47 chamber. Democrats are blocking the measure over concerns regarding presidential conflicts of interest.

President Donald Trump reported over $1.4 billion in crypto business revenue last year. His family holds a controlling stake in World Liberty Financial. Democrats argue the current bill fails to prevent enrichment while in office.

Ethics provisions remain the central point of conflict

Senator Elizabeth Warren stated the bill must stop Trump from gaining billions in profits. She noted that working families struggle with high prices. The opposition has solidified two months before midterm elections.

Trump agreed to restrict federal officials from issuing digital assets. He also granted additional powers to state attorneys general. These concessions do not satisfy most Democratic senators.

Negotiations continue before the final vote

Democrats sent a counteroffer late Monday to expand ethics rules. They demand a requirement for presidents to divest holdings above a certain value. Senator Ruben Gallego said the latest version leaves a lot to be desired.

Republican Senator Thom Tillis supports the current concessions. He believes the two sides are close to a deal. Republicans need Democratic support to reach the 60-vote threshold.

Financial stakes drive the political pressure

The crypto industry has become a major political force. Top investors were invited to a private reception with the president. Trump reported over $500 million in revenue from World Liberty Financial sales.

A stablecoin law enacted last year barred Congress from profiting off these assets. It did not extend to the president or his family. GN markets/crypto (en-US) reports that this gap is the core issue. The vote will determine if new rules close this loophole.