The Senate is set to vote Tuesday on whether to advance legislation creating a new regulatory framework for cryptocurrency, as Democrats press for stronger restrictions on President Donald Trump’s crypto holdings. Republicans need Democratic support to reach the 60 votes required to move forward in the 53-47 Senate, with the vote taking place two months before the midterm elections.
The legislation is a priority for the crypto industry, which has become a major political force, and would establish rules for a market valued at $2.3 trillion. Although some Democrats support creating a regulatory framework, the party has been largely united against the current bill unless it includes ethics safeguards intended to prevent the president and his family from enriching themselves while in office.
Trump has agreed to concessions, including restrictions on federal elected officials issuing digital assets such as the presidential meme coins launched by Trump and his wife, Melania, before his second term began. On Sunday, he also accepted provisions giving state attorneys general additional powers to enforce the crypto measure. Those changes did not appear sufficient to secure support from most Democrats.
Democratic Sen. Ruben Gallego of Arizona and Republican Sen. Thom Tillis of North Carolina had proposed requiring Trump to place his crypto holdings in a blind trust and divest when the holdings reached a specified value. Gallego said Monday evening that the latest version of the bill “leaves a lot to be desired” and said he would offer a counterproposal, though it remained unclear whether the two sides could reach agreement before Tuesday afternoon’s vote.
Trump’s family has a controlling stake in World Liberty Financial, a crypto company co-founded with presidential special envoy Steve Witkoff. In his annual disclosure report filed with the Office of Government Ethics, Trump reported more than $500 million in revenue from World Liberty Financial sales of crypto products, including governance tokens. That formed a significant portion of the more than $1.4 billion he reported from crypto businesses last year.
A stablecoin law enacted last year barred members of Congress and their families from profiting from that type of cryptocurrency, but the restriction did not cover Trump or his family. Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, argued Monday that Congress should not pass legislation allowing Trump to continue receiving crypto profits while in office.