Senate Stalls Crypto Bill Over Ethics and Trump Profiteering Concerns

Opposition centered on the measure’s failure to prevent President Donald Trump and other high-ranking officials from personally profiting from the digital asset market while setting its regulatory framework. Trump reported roughly $1.4 billion in crypto-related income in 2025, largely tied to his family’s exchange, World Liberty Financial, and proprietary meme coins. Critics argued that the bill, in its current form, would codify these financial gains rather than provide necessary oversight.

Even Senator Kirsten Gillibrand, previously seen as a key industry ally, withdrew her support as the Democratic caucus moved to block the bill in unison. They were joined by four Republicans—Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis—who ultimately balked at the legislation’s lack of robust ethics provisions. Senator Elissa Slotkin condemned the bill for allowing officials to benefit from ventures that she suggested were bilking everyday Americans.

While industry-aligned PACs have poured nearly $190 million into the current election cycle to sway legislative outcomes, opponents characterized the bill as a giveaway to special interests. Transparency International’s Scott Greytak noted that while the industry requires regulation, any future attempt must ensure that law enforcement retains the ability to track illicit flows and that public officials remain strictly separated from the market they govern.