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Odaily reports, Senator Kirsten Gillibrand stated at the Consensus conference that cryptocurrency market structure legislation will not receive a floor vote unless it includes an ethics clause. Gillibrand pointed out that it is necessary to prohibit members of Congress, senior government officials, and the President and Vice President from using their insider positions to profit in the crypto industry. Currently, multiple Democratic senators have expressed concerns about President Trump and his family's crypto connections. Bloomberg estimates that Trump has already profited at least $1.4 billion through crypto ventures. The bill had previously stalled in the Senate over issues related to stablecoin reward handling. While a compromise has now been reached, the ethics clause has become a new obstacle. Gillibrand stated that she is working with the White House and both parties to ensure the clause is included, and is also pushing for the addition of consumer protection and anti-terrorism financing provisions. The bill is expected to pass before the August recess.
According to Politico, the U.S. Senate Banking Committee’s cryptocurrency bill—led by Chairman Tim Scott—has become mired in controversy over a provision designed to protect DeFi developers, making bipartisan consensus difficult to achieve. The contested provision would exempt non-custodial software developers who do not control users’ funds from registering as money transmitters or complying with anti-money laundering (AML) requirements. Law enforcement organizations—including the National Sheriffs’ Association and the National District Attorneys Association—have separately written to Congress warning that the provision would undermine efforts to combat financial crime; Senator Chuck Grassley, Chairman of the Senate Judiciary Committee, has likewise expressed similar concerns. The crypto industry, however, views the provision as central to the bill: Amanda Tuminelli, Executive Director of the DeFi Education Fund, has explicitly stated that no textual modifications to the provision will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are now pushing for revisions to the provision. If bipartisan agreement cannot be reached, the bill may advance without Democratic support—a scenario that could jeopardize its ability to secure the bipartisan majority required for passage on the Senate floor.