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Capitol agenda: A crypto titan flexes in the Senate

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Tim Scott is facing a crypto calamity.

Landmark digital asset legislation that the Senate Banking chair hoped to advance out of committee Thursday is in extreme jeopardy after one of the industry’s most influential executives announced his opposition Wednesday, setting off a scramble in the Senate and the White House to rescue the bill.

Scott has now postponed the markup, and it’s unclear where he goes from here.

The last-minute backlash is crypto’s biggest flex yet on Capitol Hill, after the industry’s largest players doled out more than $100 million on races across the country to ensure their allies controlled the 119th Congress.

Scott is facing opposition from Coinbase CEO Brian Armstrong, founder of the largest U.S.-based crypto exchange. Coinbase has one of the most aggressive lobbying and legal operations in the realm of crypto policy, and it has pumped tens of millions of dollars into a pro-crypto super PAC network.

The bill at issue is on its face the kind of thing crypto companies have been working toward for years — a sweeping rewrite of Wall Street regulations to accommodate the trading of crypto tokens. It’s also a top financial policy priority for the Trump administration.

But the legislation isn’t accommodating enough for Coinbase, which had been generally supportive of Scott’s approach until he revealed a new version of the bill this week.

“Evidently, the industry writes the bill and if anybody in Congress has the nerve to slightly amend it, the industry says that the whole thing is off and they have canceled the law,” Massachusetts Sen. Elizabeth Warren, the top Democrat on Senate Banking and an opponent of the bill, told Blue Light News. “These are folks who think that when they’ve bought themselves a Congress, then they expect it to behave the way they say.”

Armstrong is balking at what he calls the bill’s “erosion” of authority at the Commodity Futures Trading Commission — a regulator the industry has long preferred over the Securities and Exchange Commission. He’s also concerned about the potential for amendments that would crack down on “rewards” from stablecoins — a flashpoint between crypto firms and traditional banks, which see them as threats to old-school savings accounts.

“We’d rather have no bill than a bad bill,” Armstrong wrote on X — a statement that was also at odds with other big players in the crypto world, who say the bill is flawed but still worth advancing.

Before Armstrong’s surprise rebellion, Scott told Blue Light News that he was fully committed to holding the markup, despite looming opposition from key crypto-friendly Democrats and further complications from Republican allies of the banking industry.

“I am hopeful that it will be a bipartisan victory,” Scott said Wednesday around noon. “But at the end of the day, it’s time for us to come and say where we are on the underlying issues.”

But for some Republicans, the outcome was obvious after Armstrong’s power play.

“I think there’s a deal to be had,” Sen. Thom Tillis (R-N.C.) said. “But [Armstrong’s] probably made the right assessment in terms of us being ready for the markup.”

What else we’re watching:   

— Approps progress: Senators expect to pass the three-bill appropriations minibus Thursday, and some are confident that another funding package could be released this weekend covering Defense, Transportation-HUD and Labor-HHS-Education. Senate Majority Leader John Thune told Blue Light News that senators are keeping their options open for how to process the six remaining funding bills once they return from next week’s recess.

— What’s next on war powers: Sen. Tim Kaine (D-Va.) says Democrats plan to force votes on military action in Greenland, Iran, Colombia, Mexico, Nicaragua and Cuba, after Republicans derailed the Venezuela war powers measure Wednesday. “You make them have to work their ass off to keep their people in the corral,” Kaine told reporters.

Meredith Lee Hill, Jordain Carney and Calen Razor contributed to this report.

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Congress

Platner raised $4 million, but Collins retains cash advantage

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Progressive political newcomer Graham Platner outraised both Democratic Gov. Janet Mills and Sen. Susan Collins in the first fundraising quarter in Maine’s key Senate race.

But Collins, seeking her sixth term, maintains a formidable cash advantage over both of her Democratic opponents that could give her a head start against whichever Democrat emerges from the June primary.

Platner raised $4.1 million in the first quarter, down from $4.6 million he had raised the prior quarter, while Mills brought in $2.6 million, down from $2.7 million in the final quarter of 2025, which had also included her campaign launch.

Collins brought in just over $3 million and had just over $10 million in the bank. She is also expected to be buoyed by a wave of outside money, with a super PAC supporting her, Pine Tree Results, reporting another $11.5 million cash on hand. Platner had $2.7 million in the bank, while Mills had just over $1 million.

Maine is one of national Democrats’ top targets as they seek to take back the Senate, with Collins the only Republican senator representing a seat won by Kamala Harris in 2024.

But it is one of the few battleground states where Democrats do not have a clear cash advantage. The comparatively lower fundraising totals for Platner and Mills compared to Democratic Senate candidates in states such as Ohio and North Carolina may reflect that some donors are still waiting on the sidelines to see which of the pair emerges to face Collins, while others are choosing sides.

Both Platner and Mills have faced challenges, albeit very different ones, in the primary. Mills, a two-term governor who entered the race with the backing of national Democrats, has trailed in recent public polling despite her near-universal name recognition. Platner, an oysterman and military veteran, quickly caught national attention and has drawn large crowds in the state. But he has been beset with a string of controversies involving old Reddit posts that began in mid-October, near the beginning of the previous fundraising quarter.

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Rogers holds slim cash advantage in Michigan over Dem opponents

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Former GOP Rep. Mike Rogers has opened up a small cash advantage over his Democratic rivals in Michigan’s open Senate race as they battle through a competitive primary. But he hasn’t taken full advantage of the hard-fought contest on the other side to build a big financial edge.

Rogers raised $2.2 million over the first three months of the year and began April with $4.2 million in cash on hand, according to his federal campaign finance filing.

It’s a small cushion, however, especially considering that he has no serious primary competition, with two of his three Democratic potential opponents outraising him for the quarter.

State Sen. Mallory McMorrow raked in $3 million and had nearly $3.7 million in cash on hand. Abdul El-Sayed raised just under $2.3 million and had $2.5 million in the bank. And Rep. Haley Stevens brought in $2 million and had nearly $3.4 million in her coffers.

Still, Rogers is in a better financial position now than at this point in his last Senate run, when he had less than $1.4 million in cash on hand compared to now-Sen. Elissa Slotkin’s $8.6 million. Slotkin beat Rogers in that race by just 19,000 votes as Trump won the state by an 80,000-vote margin.

Rogers is in line for some significant outside aid. The Senate Leadership Fund, a top Republican super PAC, said earlier this month that it would pour $45 million into flipping the seat that will be critical to determining control of the chamber.

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House Transportation chair reveals markup date for highway bill

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House Transportation Chair Sam Graves (R-Mo.) is targeting April 29 as the markup date for the surface transportation reauthorization bill and is negotiating a topline number between $500 and $550 billion, he told Blue Light News Wednesday.

While a final topline number has yet to be agreed on, Graves said he has a ballpark figure.

“I’m gonna say it’s gonna be somewhere in the neighborhood of $550 billion or $500 billion — somewhere in there. That will be our number. We’re still actually — believe it or not — negotiating that,” Graves said.

That $550 billion total number being discussed for what is also known as the highway bill would be a combination of authorizations and contract authority for a five-year span.

If that number holds, the bill would be well below the 2021 bipartisan infrastructure law, which totaled $1.2 trillion, with $550 billion of that going to new federal spending for roads, bridges, transit, broadband, resilience and water infrastructure. Graves has said he wants the upcoming bill to be more traditional than the previous one with more focus on roads and bridges.

He added that he is in active talks with ranking member Rick Larsen (D-Wash.) and that he thinks Larsen “wants a little bit more” in funding. Peter True, a spokesperson for Larsen, confirmed Larsen wants a higher number than $550 billion.

Graves said there will be a registration fee for electric vehicles in the surface bill, a long-sought goal of his. Last year, he succeeded in inserting a $250 registration fee for EVs and $100 for hybrids in the House version of the GOP-led budget reconciliation bill, but those provisions never made it into law. He said the EV fee will be different this time around.

“We lowered it a little bit,” Graves said of the EV fee, though he did not provide an exact figure.

As for a registration fee on hybrid cars, he was less clear: “We’re not sure yet, but yes, probably.”

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