Politics
Gillibrand backs Senate move to open debate on major crypto bill
Sen. Kirsten Gillibrand is privately encouraging fellow Democrats to support a procedural vote that would let the Senate begin debate on the so-called Clarity Act. Her position puts the New York Democrat at odds with progressives who say the measure favors crypto companies and fails to adequately address President Donald Trump’s family-linked digital asset businesses.
WASHINGTON — Sen. Kirsten Gillibrand is urging Democratic senators in private meetings to support a procedural vote Tuesday that would allow the Senate to begin debating a major cryptocurrency bill, according to three people familiar with the discussions.
The New York Democrat has been one of Congress’ most prominent supporters of the crypto industry. A vote to advance the measure, known as the Clarity Act, would not be a vote to enact it. Senate Republicans would still need to secure 60 votes to begin debate, and the chamber would later vote on final passage if the bill moves forward.
Roughly a dozen Democrats have indicated they may be open to supporting the legislation. They are reviewing revised language released by Senate Republicans late Sunday in an effort to win Democratic votes. The changes address several provisions Democrats had sought to revise, including new ethics language covering federal officials’ dealings with digital assets, but it remained uncertain whether the revisions would satisfy enough holdouts.
“Senator Gillibrand continues to believe Congress needs strong consumer protections, and that the President shouldn’t be allowed to profit off an industry he oversees,” a Gillibrand aide said. “She’s not afraid to have that debate in the open, for the public.”
Gillibrand’s stance has drawn opposition from progressives, led by Sen. Elizabeth Warren of Massachusetts, who argue the bill would deliver a long-sought regulatory framework favorable to crypto companies while failing to impose sufficient safeguards. They have also criticized the measure for not going far enough to address the Trump family’s crypto ventures and potential conflicts of interest.
The dispute highlights a broader divide among Democrats over how to regulate digital assets. Supporters of advancing the bill say Congress needs clearer rules for the industry and stronger consumer protections, while opponents warn that legislation shaped after years of crypto lobbying could legitimize risky financial products without providing adequate protection for consumers or meaningful limits on corporate influence.
Gillibrand’s role as chair of the Senate Democrats’ campaign arm adds political weight to her lobbying effort. Whether other Democrats follow her lead will determine whether the Senate can move the bill toward debate during a compressed legislative calendar ahead of the midterm elections.