The US Senate is on the cusp of approving a landmark crypto legislation, the stablecoin-regulation bill, but some Democrats are demanding that the final debate address the alleged conflicts of interest of President Donald Trump. The bill's proponents had hoped to conclude their efforts within a week, but the debate will now extend into a second week of floor action to establish oversight of dollar-based tokens at the heart of digital asset trading. A prominent faction of Democrats, including Senators Elizabeth Warren and Chris Murphy, are pushing for an amendment to directly prohibit the president and other senior government officials from engaging in stablecoin business, citing Trump's family's involvement in World Liberty Financial as a clear conflict of interest.
This amendment is seen as a way to crack down on what they perceive as blatant corruption by the president and his family. Other Democrats argue that the US Constitution already prohibits the president from accepting anything of value from foreign interests, but Murphy counters that pursuing legal breaches under this provision is more challenging than creating a new law with explicit consequences. The bill has cleared a crucial cloture vote with 66 supporters, including over a dozen Democrats, and is expected to move forward.
However, some Democrats may withhold their support in the final vote if the Trump issue is not addressed. The stablecoin debate is set to continue into next week, with Murphy stating that the current debate must include the Trump issue to ensure the bill's passage.