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Why the Senate crypto bill is in turmoil - Politico
The Senate is entering a sudden cryptocurrency policy scramble, with one of President Donald Trump’s legislative priorities on the line.
Bipartisan talks over a landmark crypto bill have hit an unexpected roadblock, after nine key Senate Democrats on Saturday said they wouldn’t support revisions that GOP lawmakers unveiled last week. The bill would create the first-ever federal regulatory framework for so-called stablecoins that are pegged to the value of the dollar. Setting up crypto-friendly regulations for stablecoins and other digital tokens is a priority of Trump’s financial policy agenda.
The Democrats’ concerns — including from some who supported an earlier version of the bill in committee — had been festering for days behind the scenes, according to more than half a dozen aides and lobbyists granted anonymity to relay sensitive details of the negotiations. Republicans revamped the proposal as they also moved last week to expedite a floor vote by the end of the month.
GOP aides involved in talks said they were stunned by the Democrats’ statement Saturday, which argued that the revised proposal wouldn’t go far enough to crack down on money laundering and to protect the broader financial system. But Republicans remain hopeful that there is still a path forward to win over Democratic support, according to two GOP aides with knowledge of the negotiations.
Bipartisan talks over a landmark crypto bill have hit an unexpected roadblock, after nine key Senate Democrats on Saturday said they wouldn’t support revisions that GOP lawmakers unveiled last week. The bill would create the first-ever federal regulatory framework for so-called stablecoins that are pegged to the value of the dollar. Setting up crypto-friendly regulations for stablecoins and other digital tokens is a priority of Trump’s financial policy agenda.
The Democrats’ concerns — including from some who supported an earlier version of the bill in committee — had been festering for days behind the scenes, according to more than half a dozen aides and lobbyists granted anonymity to relay sensitive details of the negotiations. Republicans revamped the proposal as they also moved last week to expedite a floor vote by the end of the month.
GOP aides involved in talks said they were stunned by the Democrats’ statement Saturday, which argued that the revised proposal wouldn’t go far enough to crack down on money laundering and to protect the broader financial system. But Republicans remain hopeful that there is still a path forward to win over Democratic support, according to two GOP aides with knowledge of the negotiations.
https://www.politico.com/news/2025/05/04/how-senate-crypto-negotiations-fell-apart-00326129
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