Donald Trump has been pushing for the passage of a crypto bill for months. It looked like the Senate might advance the legislation on Tuesday, but Democrats reversed course and were joined by four Republicans to block the legislation from advancing.
The Republicans who voted no did so because the banking industry raised concerns.
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Democrats voted no because Republicans tried to pass text that did not address Trump’s crypto corruption.
Politico reported:
Democrats said new text unveiled by Republicans over the weekend didn’t do enough to crack down on Trump’s ability to profit from his family’s crypto businesses, which have been an obstacle to legislating in the crypto space since he returned to office last year. Trump earned more than $1.4 billion in income through several crypto ventures in 2025. Democrats were also pushing for policy changes to a pair of other sections of the measure, in part to address concerns raised by prosecutors about their authority to go after illicit finance.
Three Republicans — Sens. Susan Collins of Maine, Josh Hawley of Missouri and Jerry Moran of Kansas — also voted against the measure. Several GOP senators who voted in favor of advancing it on Tuesday said they would be opposed to ultimately passing it without changes to address concerns raised by the banking industry.
Republicans wouldn’t regulate Trump, so Democrats blocked the bill.