Senate Democrats Block Crypto Bill in 49-50 Vote as Trump Ethics Demands Derail $2.3 Trillion Push
Updated
Updated · PBS NewsHour · Sep 15
Senate Democrats Block Crypto Bill in 49-50 Vote as Trump Ethics Demands Derail $2.3 Trillion Push
3 articles · Updated · PBS NewsHour · Sep 15
Summary
A 49-50 Senate vote halted debate on a bill to set federal rules for the $2.3 trillion crypto market, leaving Republicans short of the 60 votes needed to advance.
Democrats said they would not back the measure without tougher limits on President Donald Trump's crypto holdings, including stronger enforcement and possible divestment if a president's stake grows too large.
Trump accepted some concessions, including barring federal elected officials from issuing digital assets and giving state attorneys general more enforcement power, but negotiators still failed to reach a final deal.
More than $500 million of Trump's disclosed crypto revenue came from World Liberty Financial, part of over $1.4 billion he reported from crypto businesses last year, sharpening Democratic claims that the bill lacked adequate safeguards.
With Congress out for much of October and midterm elections two months away, supporters say the legislation could now stall indefinitely as control of the House or Senate may shift in November.