Congress
Senate advances landmark crypto bill with Democrats divided
The Senate voted Monday to advance landmark cryptocurrency legislation, with 16 Democrats siding with most Republicans on a key procedural motion that could set the stage for the upper chamber to pass its first-ever crypto regulatory overhaul.
The Senate voted 66-32 to proceed on the bill following a series of bipartisan negotiations in which Republicans agreed to an array of changes to win over enough Democrats to clear the 60-vote threshold required to advance the measure.
The vote is a major win for the crypto industry, which has lobbied Congress for years to pass legislation that would help legitimize digital assets. The bill, led by Sen. Bill Hagerty (R-Tenn.), would create the first-ever U.S. regulatory framework for digital tokens known as stablecoins that are pegged to the value of the dollar.
It comes less than two weeks after Senate Democrats rejected the stablecoin bill on the floor the last time it went up for a procedural vote after a series of last-minute bipartisan talks failed to yield a tangible deal in time and Democrats objected to the language that Republicans had teed up to pass. Negotiators returned to the table this week and agreed to a tentative new draft bill that was circulated over the weekend and is expected to be adopted as an amendment ahead of a vote on final passage.
The procedural motion drew support from 16 Democrats: Sens. Kirsten Gillibrand of New York, Angela Alsobrooks of Maryland, Ruben Gallego of Arizona, Mark Warner of Virginia, Lisa Blunt Rochester of Delaware, Catherine Cortez Masto of Nevada, Ben Ray Luján of New Mexico, Adam Schiff of California, Cory Booker of New Jersey, Elissa Slotkin of Michigan, John Fetterman of Pennsylvania, Maggie Hassan of New Hampshire, Martin Heinrich of New Mexico, Jon Ossoff of Georgia, Alex Padilla of California, and Jacky Rosen of Nevada.
Two Republicans — Sens. Rand Paul of Kentucky and Jerry Moran of Kansas — voted against the motion.
“This cloture vote represents a major milestone in our bipartisan effort to regulate stablecoins,” Gillibrand, the lead Democratic co-sponsor said in a statement. “I’m confident that we have produced a strong regulatory framework that will position our country for the future, and I look forward to seeing it signed into law.”
One Democrat who voted for the bill when it cleared the Senate Banking Committee in March, Sen. Andy Kim, voted “no” on Monday. The New Jersey lawmaker was seen on the floor just prior to the stablecoin vote reviewing written materials in a binder with Gillibrand, Hagerty and aides involved in drafting the bill.
Despite the changes won by Democrats in negotiations, the crypto bill is divisive on the left. Most Democrats opposed the legislation, with some citing concerns about the Trump family’s crypto ventures. The party’s leader on the Senate Banking Committee, Elizabeth Warren, sought to rally the opposition, saying on the floor ahead of the vote that the bill’s “basic flaws remain unaddressed” by the recent changes. The Massachusetts Democrat was seen having a heated conversation with Gillibrand on the Senate floor during the vote on the stablecoin bill while other senators were surrounding the two.
“A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all,” Warren said in her floor speech.
Other Democrats said the legislation is necessary to provide certainty to stablecoin issuers, despite concerns about the Trump family businesses.
“Many senators, myself included, have very real concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans,” Warner — who helped lead negotiations for Democrats alongside Gillibrand, Alsobrooks and Gallego — said in a statement prior to the vote. “But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay.”
Monday’s vote clears the way for Senate GOP leaders to put the legislation up for final passage, but that vote may not occur until after Congress’ Memorial Day recess. Beyond that, the bill still has a long way to go before it reaches President Donald Trump’s desk. If the Senate passes the legislation, it will go to the GOP-controlled House, where it will need to be reconciled with a separate but similar stablecoin measure that cleared the House Financial Services Committee last month.
Katherine Hapgood and Lisa Kashinsky contributed to this report.
The Senate Saturday confirmed Todd Blanche to be attorney general, following a weeks-long struggle with a handful of wary Republicans.
The Senate voted 50-49 to approve him, with GOP Sens. Susan Collins of Maine and Lisa Murkowski of Alaska joining with Democrats in opposition.
Blanche, President Donald Trump’s former personal attorney, has been serving as acting attorney general since Pam Bondi’s ouster in April. Questions about Blanche’s potential conflicts of interest from representing Trump, as well as his role in the creation of a $1.8 billion “Anti-Weaponization Fund” as part of Trump’s settlement this spring with the IRS, created headwinds to his confirmation among a key group of Senate Republicans.
Sen. Bill Cassidy, the Louisiana Republican who lost re-election after Trump endorsed a primary challenger, helped Blanche clinch his 50th vote Friday. He said Blanche wasn’t perfect but that he wasn’t sure Trump would pick someone better to lead the Justice Department.
“The choice is not between perfection and Mr. Blanche,” Cassidy said on the Senate floor. “It is between Mr. Blanche and another acting attorney general who may not run the department effectively under President Trump and who indeed may not be as good as Mr. Blanche.”
Cassidy’s support came after Blanche had already spent weeks negotiating with Sens. Thom Tillis of North Carolina and John Cornyn of Texas, who vetted his nomination as members of the Senate Judiciary Committee. Cornyn struck an agreement with Blanche Sunday for the DOJ to curtail the payout fund and rein in a deal to exempt Trump from IRS audits.
Cassidy’s support came hours after Murkowski announced that she would oppose Blanche’s nomination, putting it on the brink of potential failure. Between unified opposition from Democrats and Sen. Mitch McConnell’s absence for health reasons, Blanche could only lose two Republicans and still be confirmed.
Hours before Friday’s vote, Murkowski told reporters she spoke with Blanche multiple times but that she was “good with where I am.” She said there was no “one” thing that motivated her decision.
“If there was one thing, we might be able to go back to the White House and say ‘Hey, can we work on this one thing,’” she said. “But for me it was a compilation.”
She added that she believed the anti-weaponization fund is “pretty dead” but “what is not so clear” are the audit immunity provisions of Trump’s IRS agreement, “which I just think are viewed by so many in this country as kind of a special and sweet deal for the president and his family.”
The Senate passed a bill Saturday to fund the government beyond the midterm elections, putting the onus back on the House to head off a shutdown looming Oct. 1.
The Senate approved the measure in a bipartisan 90-6 vote, with Sen. Darline Graham of South Carolina voting present. The bill would fund federal agencies through Dec. 11 at current levels, with some exceptions. Senate leaders sped up consideration of the legislation as part of an agreement reached Saturday morning to allow members to leave for August recess.
The House and Senate have now each passed different bills aimed at averting a shutdown at the end of the fiscal year. The House bill would fund the government through Dec. 4.
The Senate legislation sets up a year-end standoff over the Trump administration’s controversial plan to put political appointees in charge of approving federal grants. The bill would block the administration from finalizing that rule during the length of the stopgap — and lawmakers are already expecting a December brawl over the issue.
Sen. John Kennedy (R-La.) said this week that he’s going to “fight like hell” in December to ensure Congress doesn’t further obstruct the grant overhaul.
But lawmakers on both sides of the aisle are resistant to the White House approach to grants. Senate Appropriations Chair Susan Collins (R-Maine) said she will “continue to oppose” the Trump administration plans “because I think they politicize the grants process, and I don’t want that to occur.” Sen. Patty Murray of Washington, the top Democrat on Senate Appropriations, said she too would “welcome the fight.”
The Senate rejected an amendment from Sen. Ted Budd (R-N.C.) intended to ensure that a ban on intoxicating hemp products kicks in come November, after Senate leaders at the White House’s urging included language in the funding bill to delay it.
The Senate bill includes language Democrats sought to ensure Immigration and Customs Enforcement and the Border Patrol don’t get any new funding under the patch. Republicans enacted $70 billion for those agencies along party lines earlier this year.
That prohibition could be contentious in the House.
Rep. John Rutherford (R-Fla.) said in an interview that the provision “could be a dealbreaker” and that he’s “not a fan” of the Senate version. Rep. Jeff Van Drew (R-N.J.) said Tuesday that he would say he’s undecided if GOP leadership whipped his vote on the Senate stopgap.
“I do not like the Senate language,” Van Drew said, noting the grant approval provision. “It’s one I would want to know what the president thinks.”
The White House issued a statement of administration policy in support of the Senate’s funding bill. No such memo was issued for the House bill, which did not include the funding increases and authorizations the White House requested.
“Every Member of Congress should support passage of this [continuing resolution] to keep the Government open as discussions on full year appropriations continue,” it reads.
Rep. Rosa DeLauro (D-Conn.), the top Democratic appropriator in the House, praised the Senate measure for including the grant and immigration enforcement language.
“This bill is a clear improvement over the House Republican continuing resolution, but we are still nearly two months away from the end of the fiscal year and should be working together to pass full-year funding bills,” she said in a statement.
Mia McCarthy and Jennifer Scholtes contributed to this report.
The Senate is aiming to leave Washington for a five-week recess early Saturday after Republicans cut a deal with President Donald Trump to punt some of their priorities, including a framework for a party-line spending plan.
The Senate is trying to lock in an agreement that would set up votes on a college sports bill, a stopgap government funding bill, Todd Blanche’s attorney general nomination and GOP voter ID legislation, according to a copy of an internal notice reviewed by Blue Light News.
The Senate would then leave Washington until mid-September.
Any one senator could object to the tentative deal, forcing it to be altered or dragging the Senate deeper into the weekend. Senators believe there are still objections to advancing the college sports bill. Democrats are also waiting to see if one of their own will prevent speeding up Blanche’s confirmation.
The breakthrough is a U-turn from earlier Friday evening, when Republican senators emerged from a closed-door meeting predicting they would have to spend Saturday trying to break a stalemate within the party about how to wrap final votes before recess.
Shortly after that meeting, Trump spoke by phone with Senate Republicans including Ron Johnson of Wisconsin, Rick Scott of Florida and Mike Lee of Utah about the path forward for the GOP’s lengthy to-do list.
During the call, according to Johnson, Trump agreed to punt a vote on a budget blueprint for a third party-line spending bill until later in the year. Lee, who has been pushing for action on the separate SAVE America Act, also agreed to drop his demand for a formal, roll call vote on adjourning given the understanding with the president.
“I think the conclusion of the conference – and we had a discussion with the president and he agrees – [is] don’t take the vote tonight,” Johnson said after the meeting in Thune’s office.
Republicans were in talks with the White House throughout Friday. A White House official granted anonymity said Friday evening that “we’re continuing to have productive conversations with senators to advance several legislative priorities.”
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