Crypto Bill Faces Pushback Over Presidential Trading Rules

A major crypto bill in the Senate is close to a final vote this summer. It has support from both Republicans and some Democrats. The crypto industry has spent tens of millions to help shape the bill.

But a new problem has come up. President Trump made $1.4 billion from crypto last year. His family built a big crypto business. Now some lawmakers want to stop presidents and officials from selling digital coins.

Senate Democrats want strict rules in the bill. They want to ban public officials from trading crypto. On Wednesday, Republican senators added some limits to the bill. The draft says it would be illegal for the president to issue or sponsor a cryptocurrency.

Democrats and advocacy groups say the draft is not strong enough. They think it does not stop Trump from using crypto to make money. With midterm elections coming, this fight could hurt the bill's chances.

Cody Carbone, CEO of the Digital Chamber, said ethics is now the key issue. He said Democrats care most about this part. If they don't agree, the bill may lose bipartisan support.

The crypto industry wants the bill passed. Under Biden, the SEC sued many crypto firms. They said coins should follow stock rules. Trump's team dropped most of those lawsuits. That change helped the industry a lot.