NewzSenate Democrats have blocked legislation to create a new regulatory framework for cryptocurrency. WASHINGTON (AP) — Senate Democrats on Tuesday blocked legislation to create a new regulatory framework for cryptocurrency, stalling an industry-backed effort to place new guardrails around digital assets after demanding more limits on President Donald Trump's investments.The 49-50 vote on whether to move forward with the legislation was a pivotal election-year test for the $2.3 trillion cryptocurrency market as the industry has pushed aggressively for a uniform set of rules. The Senate debate came as cryptocurrency companies have become a major political force, and as Trump has amassed significant wealth in crypto while in office.While some Democrats are friendly toward the industry and support the idea of regulation, they have been adamant that the bill include strong ethics safeguards to prevent the president and his family from enriching themselves while he's in office.
The opposition 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.“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,” said Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee.Trump agrees to some changes as Democrats push backAs Democrats made clear they would block the bill, Trump agreed to some concessions on ethics, including new restrictions on federal elected officials from issuing digital assets like the presidential meme coins he and his wife Melania launched before he took office for his second term. He agreed to new concessions Sunday, such as additional powers for state attorneys general that Democrats had sought to enforce the crypto measures.Those concessions were not enough for Democrats, who said the latest Republican proposal did not have enough enforcement.
They also wanted a requirement for Trump or any future president to divest if holdings reach a certain value.The latest version of the legislation “leaves a lot to be desired,” said Arizona Sen. Ruben Gallego, who was involved in last-minute talks with Republicans on the bill.Democrats sent a counteroffer late Monday that would expand the ethics provision, but they were… WASHINGTON (AP) — Senate Democrats block cryptocurrency regulation bill after demanding more limits on Trump’s investments.
Elizabeth Warren, the top Democrat on the Senate Banking Committee.
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