Key facts
- Democrats have criticized a revised cryptocurrency bill, seeking stronger ethics and consumer protection provisions.
- Republicans are advancing the bill, with Senator Cynthia Lummis calling it legitimate and beneficial for the U.S.
- The new draft includes a government ethics provision agreed upon by the White House and GOP senators.
- Democrats argue the ethics provision is not strong enough and does not adequately address concerns about the Trump family's crypto businesses.
A revised cryptocurrency bill, released by Republicans, is facing criticism from Democrats who argue key provisions need strengthening, particularly concerning ethics, consumer protection, and market integrity. The 616-page draft merges sections previously advanced by the Senate Banking and Agriculture committees and includes a government ethics provision that has drawn particular scrutiny.
Democratic Senators, in a joint statement, expressed their commitment to working in good faith to pass the legislation but emphasized the need for enhancements. They highlighted concerns about elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and overall market integrity. Senator Cory Booker specifically called the new text a "Republican text" and stressed the necessity of a bipartisan approach.
Conversely, Republican Senator Cynthia Lummis, a key figure in the industry-backed effort, described the bill as "legitimate" and stated it aligns with the goals of both parties to foster the digital asset industry within the U.S. The ethics provision, a result of an agreement between the White House and GOP senators, is identified as a major flashpoint. Democrats contend it is insufficient, especially regarding the crypto businesses of the Trump family.