The U.S. Senate's crypto bill stalls, proposing restrictions on White House crypto activities

Crypto World Network reports that, according to an early report by Polit, Senator Tom Tillis has threatened to oppose the bill unless ethical limits on White House crypto activities are added to the Senate’s Cryptocurrency Market Structure Act. He said that if the bill exits the Senate without provisions that limit federal officials’ interactions with digital assets, he will withdraw his support for the legislation. Democratic Senator Ruben Gallego noted that the bill’s progress depends on a bipartisan agreement on the ethical provisions, saying, “There is no final bill unless consensus is reached.” Tillis, as a senior member of the Senate Banking Committee, has influence over the advancement of the proposal. With debate over conflicts of interest intensifying, Democratic lawmakers are reviewing crypto projects associated with former President Trump, and believe that legislation should include safeguards to prevent federal officials from sponsoring or promoting digital assets. Although negotiations are still ongoing, the bill still faces committee obstacles before it can reach a full Senate vote, and the ethical provisions and stablecoin rules have yet to be resolved.