- House Democrats are divided on upcoming votes for two major crypto bills.
- Some Democrats are trying to link the legislation to former President Trump’s crypto business interests.
- Key measures include the GENIUS Act for stablecoins and the CLARITY Act for crypto market oversight.
- Republicans, with White House support, plan to advance the bills despite internal Democratic opposition.
- Democratic support for the bills is expected to fall compared to last year’s stronger bipartisan backing.
Republican lawmakers, with support from the White House, will move ahead with multiple votes on digital asset legislation in the House next week. Democrats have not reached a unified position on the measures, which include the GENIUS Act (focused on regulating stablecoins) and the CLARITY Act (establishing rules for the U.S. crypto market).
Senior House Democrats have reportedly urged party leaders to oppose these bills and organize votes against them, according to sources who spoke with Decrypt. However, attempts to build party-wide resistance appear to have fallen short, as some Democrats remain in favor of the bills for reasons of their own.
Insiders say that the CLARITY Act is still expected to pass, with all Republicans and several Democrats likely to vote “yes,” but with a much smaller margin than last year. In the previous session, 71 Democrats joined Republicans to support a similar crypto regulatory bill, signaling strong bipartisan agreement at the time.
The bills are controversial in part because, at Republican insistence, they exclude provisions that would prevent Donald Trump from engaging in profitable crypto businesses while in office. Some Democrats argue this creates potential conflicts of interest. As one Democratic staffer told Decrypt: “a vote for either of those bills is a vote for Trump’s corruption.”
Nonetheless, some Democrats, especially those on the Agriculture Committee such as Rep. Angie Craig (D-MN), are expected to back the legislation. Last year, crypto-focused PACs spent over $1 million supporting Craig’s re-election, and industry groups have reportedly set aside about $80 million for this election cycle.
House Financial Services Ranking Member Maxine Waters (D-CA) released a statement comparing the pending crypto bills to prior legislation tied to former President Trump, arguing they benefit wealthy insiders. The Democratic National Committee further criticized Trump’s involvement with crypto following Waters’ statement.
The final vote count and party support levels are expected to show a narrower split than before. If most Democrats oppose the bills, it would reflect a shift from the bipartisan consensus seen in the previous session. Some industry leaders have expressed disappointment over the growing partisanship in crypto policy, as many have tried to keep the issue nonpartisan.
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