Senate Votes on Cryptocurrency Legislation

The Senate's preparing for a test vote on legislation that would establish federal

rules for cryptocurrencies. Supporters say the bill will keep crypto

companies from moving overseas, while opponents argue

stronger guardrails are needed. Chief congressional correspondent Chad

Pergram reports tonight from Capitol Hill.

There's no bigger advocate for cryptocurrency than President Trump.

We ended the war on crypto once and for all.

Now we need Congress to take the next step by passing the Clarity

Act.

The Clarity Act clarifies federal rules for digital

currencies.

We passed the Clarity Act in the House last summer with 78 Democratic votes.

It's now time for the Senate to join us.

The tiptoe through the crypto isn't quite complete.

This one remaining significant issue, I think, is the ethics

provision.

The president's financial disclosure report says he earned $1.4

billion in crypto last year alone.

Democrats demand specific guardrails for the Trump family and crypto.

It basically exempts the president from any kind of

ethical constraints, and that's just not gonna fly in the

Democratic

caucus.

Massachusetts Democrat Elizabeth Warren says the bill is too closely

aligned with what the president and his allies want.

Yes, we need crypto legislation,

but not this legislation that has been written by this

industry.

Warren argues the bill makes it easier to fund drug runners and terrorists

without a literal paper trail. There's worry that if the US doesn't

establish a framework, cryptocurrency might go

overseas.

These companies can go to Singapore, Switzerland,

the UAE, uh, and have a well-understood,

clear set of regulations.

A Senate test vote is locked in.

I think we can, uh, get this bill over the finish line

and hopefully get more than,

uh, 60 votes come September 15th.

But it's rare to pass a major regulatory measure this close to the

midterms. And if Democrats win in November,

that could

create friction with the White House. Mike?

Chad, thanks very much