News Wrap: Democrats block crypto bill, demand limits on Trump's investments
In our news wrap Tuesday, Senate Democrats blocked a bill that would have introduced sweeping regulations for cryptocurrencies saying it needs stronger safeguards to prevent the president and other officials from profiting while in office, Kash Patel defended his handling of the FBI during a nearly five-hour Senate hearing and the U.S. military has confirmed it has weapons in space.
Just hours before progressives joined forces to block a crypto bill that critics claimed was an unfair favor to President Donald Trump, a leading Senate Democrat, Sen. Kirsten Gillibrand, D-N.Y., privately encouraged her colleagues to support the legislation. However, her efforts were unsuccessful as progressive lawmakers like Sen. Elizabeth Warren, D-Mass., vehemently opposed the bill.
The critics argued that the bill would allow Trump to benefit from the $1.4 billion in crypto profits he earned the previous year. When the final vote arrived, Gillibrand followed suit, casting her vote against a motion to advance the bill alongside all Democrats and four Republicans, resulting in a 49–50 tally. This dramatic shift highlighted the difficult position Trump has placed moderate Democrats during his second term.
Many of these centrist Democrats had previously backed crypto-friendly regulations but were now hesitant to publicly support the industry due to the unprecedented scale of Trump's crypto-related profits. "We deserve to know why she tried to get her colleagues to rubber-stamp this corrupt crypto deal," remarked the progressive group Demand Progress, criticizing Gillibrand's last-minute change of stance.
Gillibrand has historically been a vocal supporter of the crypto industry in the Senate, but her decision to vote against the bill raised questions about her true intentions.
Written by urgent.news from The Intercept's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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