Crypto regulation bill nears Senate vote

WASHINGTON — The Senate could vote as soon as Tuesday on landmark legislation spelling out how the federal government regulates cryptocurrency and digital assets, as lawmakers clash over consumer protections and President Donald Trump’s crypto business ventures.

A procedural vote is scheduled on the Clarity Act after a new draft was released Sunday that would add more guardrails to the largely unregulated world of digital currency. The bill needs 60 votes to advance in the Senate, meaning some Democrats would have to join Republicans to move it forward.

The debate has been intense, in part because Democrats are insisting the legislation address Trump’s sprawling crypto ventures.

White House crypto adviser Patrick Witt said the administration and Senate Republicans had worked to accommodate Democratic concerns.

“At every step of the way during the Clarity Act negotiations, the White House and Senate Republicans have been responsive to Democrats’ stated policy objectives,” Witt posted on X. “After more than a year’s worth of negotiations, it’s time to pass this bipartisan bill.”

But not all Democrats are on board.

“This is a bill that is masquerading as a way to create good regulation and protection for consumers with respect to cryptocurrency,” Sen. Chris Van Hollen, D-Md., said in a video posted on X.

“Congress must pass strong, new consumer protections to stop these scams and put an end to Trump’s corruption and self-enrichment,” said Sen. Richard Blumenthal, D-Conn., also in a social media video.

Democrats say they are concerned that Trump made more than $1 billion on crypto ventures last year while in office.

Trump has embraced the industry publicly.

“I’ve become a big crypto guy,” the president said in July.

He has also downplayed his involvement in family crypto dealings.

“It’s not a question of a personal thing, because I let my kids do whatever the hell … they can do,” Trump said in July. “I don’t talk to them, ever talk to them about it.”

Republicans who support the bill say it includes significant concessions, including provisions allowing state attorneys general to enforce the law.

Sen. Bernie Moreno, R-Ohio, wrote on X the bill contains “the strictest ethics provisions in the history of the U.S. Congress and the first ever legislation to affect the President and Vice President.”

Sen. Cynthia Lummis, R-Wyo., argued that defeating the bill would stop a major ethics overhaul.

“A no vote tomorrow kills the toughest ethics reform this country has ever put on the books,” Lummis posted.

The bill needs 60 votes to advance in the Senate, meaning some Democrats would have to join Republicans to move it forward.