Senate blocks cryptocurrency regulation as Democrats push back on Trump investments

Senate blocks cryptocurrency regulation as Democrats push back on Trump investments
*** new Reuters Ipsos poll out today shows that nearly 2/3 of Americans say it is inappropriate for President Trump and his family to profit off of cryptocurrency while he’s in office. That includes nearly 3 in 10 Republicans. Today’s event at the White House puts that question into sharp focus because the president’s administration is helping write the rules for the industry. Inside the White House today, some of the biggest players in cryptocurrency met with President Trump as his administration decides the rules of the fast growing industry. That’s why we’re focused on creating *** clear regulatory framework for pioneers and builders like the people that are with me here. But the Trump family isn’t just watching the industry grow, it’s growing alongside it. White House disclosure forms show last year President Trump made nearly $1.5 billion in the industry. World Liberty Financial. Nearly $800 million. The Trump meme coin, $635 million. Just five days ago, *** federal regulator gave conditional approval for Trump-backed World Liberty to open *** national trust bank. There is surely *** conflict of interest when the President of the United States has substantial investments in an industry that is regulated by the executive branch. Richard Painter is the former chief ethics lawyer under President George W. Bush. He says There’s an important legal distinction. Federal conflict of interest laws cover everyone in the executive branch except the President and Vice President. President Trump meanwhile has long said he doesn’t involve himself in his family’s day to day business. The White House tells me, quote, There are no conflicts of interest. His investments are held in accounts managed by independent third parties, and the president only acts in the best interest of the American people. But Painter says that doesn’t go far enough and says the president has two ways to separate his public. Duties from his family’s crypto interests. One is to divest himself and his family from the cryptocurrency industry. The second alternative is to turn over all decision making in the White House about the cryptocurrency industry to other people. The White House did not answer our specific question on whether the president has recused himself from any crypto policy decisions because of his family’s financial interests at the White House. I’m Christopher Sales.
Updated: 3:21 PM EDT Sep 15, 2026
Editorial Standards ⓘ
Senate blocks cryptocurrency regulation as Democrats push back on Trump investments
Updated: 3:21 PM EDT Sep 15, 2026
Editorial Standards ⓘ
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 not able to strike a final deal. Republicans needed Democratic support to win the 60 votes necessary to move forward on the bill in the 53-47 Senate.North Carolina Sen. Thom Tillis, a Republican who worked with Gallego to strengthen the ethics provision, said before the vote that he was pleased with Trump’s latest concessions.”We’re so close,” Tillis said. “It’s just a shame to not take this opportunity.”Trump has amassed big crypto profitsTrump’s family has raked in big profits in the crypto sector since he was reelected, including the meme coin, announced the day before Trump took office. Top investors were invited to a private reception with the president.Trump’s family also has a controlling stake in World Liberty Financial, a crypto firm co-founded with the president’s special envoy Steve Witkoff. Trump reported more than $500 million in revenue from World Liberty Financial sales of crypto products, including “governance tokens,” in his annual disclosure report filed with the Office of Government Ethics. That is a significant share of the more than $1.4 billion that the president reported from crypto businesses last year.A measure enacted into law last year regulating stablecoins, a type of cryptocurrency, barred members of Congress and their families from profiting off them, but it did not extend to Trump or his family.Legislation aims to give crypto firms legal certaintyRepublicans who have been working on the legislation for more than a year say it could now stall indefinitely. The House and Senate will be out of session during October and before the elections, and the dynamics could significantly shift if Democrats win back the majorities of the House or Senate, or both, in November.Republican Sen. Cynthia Lummis of Wyoming, a lead sponsor of the bill, said beforehand that a no vote means “opposing real ethics reforms on politicians’ personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets.”Supporters say the legislation aims to give the industry more legal certainty and protect consumers by creating a broad set of guardrails and regulatory requirements, including better enforcement to prevent bad actors and protections to prevent a market collapse.As talks continued Tuesday morning, Lummis posted on X that it was “now or never for the Clarity Act,” referring to the bill’s name.”The time for negotiating is over,” she wrote.Crypto cash has flooded campaignsOpponents, mostly Democrats, say the bill is a giveaway to the industry as crypto companies have become generous donors to candidates in both parties around the country.”It’s no secret that they are seeking to ram a bill through Congress based upon not the merits of the bill, but the threat that they will spend even more money in elections against people who vote against it,” said Democratic Sen. Chris Murphy of Connecticut.In 2024, the crypto industry spent more than $130 million in congressional races, including $40 million in Ohio and $10 million each in Arizona and Michigan.”DC received a clear message that being anti-crypto is a good way to end your career, as it doesn’t represent the will of the voters,” Brian Armstrong, the CEO of Coinbase, the nation’s largest crypto exchange, wrote in a social media post the day after the 2024 election.___Associated Press writers Seung Min Kim and Joey Cappelletti contributed to this report.
WASHINGTON —

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 back

As 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 not able to strike a final deal. Republicans needed Democratic support to win the 60 votes necessary to move forward on the bill in the 53-47 Senate.

North Carolina Sen. Thom Tillis, a Republican who worked with Gallego to strengthen the ethics provision, said before the vote that he was pleased with Trump’s latest concessions.

“We’re so close,” Tillis said. “It’s just a shame to not take this opportunity.”

Trump has amassed big crypto profits

Trump’s family has raked in big profits in the crypto sector since he was reelected, including the meme coin, announced the day before Trump took office. Top investors were invited to a private reception with the president.

Trump’s family also has a controlling stake in World Liberty Financial, a crypto firm co-founded with the president’s special envoy Steve Witkoff. Trump reported more than $500 million in revenue from World Liberty Financial sales of crypto products, including “governance tokens,” in his annual disclosure report filed with the Office of Government Ethics. That is a significant share of the more than $1.4 billion that the president reported from crypto businesses last year.

A measure enacted into law last year regulating stablecoins, a type of cryptocurrency, barred members of Congress and their families from profiting off them, but it did not extend to Trump or his family.

Legislation aims to give crypto firms legal certainty

Republicans who have been working on the legislation for more than a year say it could now stall indefinitely. The House and Senate will be out of session during October and before the elections, and the dynamics could significantly shift if Democrats win back the majorities of the House or Senate, or both, in November.

Republican Sen. Cynthia Lummis of Wyoming, a lead sponsor of the bill, said beforehand that a no vote means “opposing real ethics reforms on politicians’ personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets.”

Supporters say the legislation aims to give the industry more legal certainty and protect consumers by creating a broad set of guardrails and regulatory requirements, including better enforcement to prevent bad actors and protections to prevent a market collapse.

As talks continued Tuesday morning, Lummis posted on X that it was “now or never for the Clarity Act,” referring to the bill’s name.

“The time for negotiating is over,” she wrote.

Crypto cash has flooded campaigns

Opponents, mostly Democrats, say the bill is a giveaway to the industry as crypto companies have become generous donors to candidates in both parties around the country.

“It’s no secret that they are seeking to ram a bill through Congress based upon not the merits of the bill, but the threat that they will spend even more money in elections against people who vote against it,” said Democratic Sen. Chris Murphy of Connecticut.

In 2024, the crypto industry spent more than $130 million in congressional races, including $40 million in Ohio and $10 million each in Arizona and Michigan.

“DC received a clear message that being anti-crypto is a good way to end your career, as it doesn’t represent the will of the voters,” Brian Armstrong, the CEO of Coinbase, the nation’s largest crypto exchange, wrote in a social media post the day after the 2024 election.

Associated Press writers Seung Min Kim and Joey Cappelletti contributed to this report.

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