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Democrats stop crypto bill because it didn't go far enough (www.salon.com)

submitted 8 months ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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It had bipartisan support and was on track to advance until Trump's crypto conflicts caused Democrats to put the brakes on it. They cited a New York Times investigation of a crypto business affiliated with Trump and his three sons and its $2 billion deal with a foreign government-backed venture fund.

The business, World Liberty Financial, has begun offering stablecoins that could generate tens of millions of dollars a year in revenue for the Trumps and their business partners, The Times reported. One of their partners is Steve Witkoff, Trump's longtime friend and Middle East special envoy.

Democrats said they also wanted the bill to address “anti-money laundering, foreign issuers, and national security," CNBC reported. Two Republicans — Josh Hawley and Rand Paul — also rejected the bill, which needed 60 votes to advance.

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[–] RangerJosey@lemmy.ml 2 points 8 months ago

Historical rugpull.