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Crypto Darling Gillibrand’s 11th-Hour Flip-Flop Helps Block Trump Crypto Bill
The Intercept • • business
Key Points:
- Sen. Kirsten Gillibrand initially lobbied fellow Democrats to support a crypto bill creating a regulatory framework but ultimately voted against advancing it, aligning with progressive opposition led by Sen. Elizabeth Warren.
- Progressives criticized the bill as a handout to President Donald Trump, who made $1.4 billion in crypto profits last year, and warned that loopholes in the bill would enable continued corruption and self-dealing.
- The bill failed to reach the 60 votes needed for debate, with a final tally of 49–50, as four Republicans joined Democrats in opposition amid concerns over ethics and the influence of the banking industry.
- Senate Republicans and Trump supporters argued the bill included significant concessions and ethics reforms, urging lawmakers to accept the deal as bipartisan progress.
- The vote poses political risks for Democrats ahead of midterms, as crypto industry super PACs may target vulnerable candidates, while progressives emphasize the need to resist industry influence and corruption.
