Democrats Help Push Crypto Industry Reward Bill To Finish Line

[Buddyzbuddy]

Huffington Post
By Arthur Delaney
and
Igor Bobic
Jun 11, 2025, 02:48 PM EDT


WASHINGTON — Senate Democrats helped clear the way for passage of a landmark cryptocurrency bill on Wednesday as the industry capitalizes on the tens of millions of dollars it spent on congressional elections last year.
The 68-30 vote to advance the bill occurred amid growing scrutiny of President Donald Trump’s various crypto dealings, which have enriched his family and presented unprecedented conflicts of interest for his administration. Eighteen Democrats voted “yea.” A final vote on passage is expected next week.
Democrats had sought to amend the bill to prohibit the president from profiting from a stablecoin venture while in office, but ended up backing down.

Excerpt:
Gallego’s 2024 Senate campaign was aided by $10 million from super PACs financed by three large crypto companies, including the Coinbase digital currency exchange. The money financed positive ads in support of the Arizona Democrat. He’s now one of the strongest advocates of the GENIUS Act in the Senate.
Sen. Adam Schiff (D-Calif.), who benefited from the super PAC spending millions against former Rep. Katie Porter (D-Calif.) in a primary, is also a leading advocate. So is Sen. Kirsten Gillibrand (D-N.Y.), who is chairing the Democratic Senatorial Campaign Committee this cycle.
Other Democrats who backed the GENIUS Act said their support for the measure had nothing to do with the crypto industry’s massive 2024 campaign spending.