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{"id":25959,"date":"2026-07-16T18:32:25","date_gmt":"2026-07-16T18:32:25","guid":{"rendered":"https:\/\/bluelightnews.com\/category\/politics\/crypto-regulatory-text-expected-to-be-released-thursday-does-not-have-senate-democrat-support\/"},"modified":"2026-07-16T18:32:25","modified_gmt":"2026-07-16T18:32:25","slug":"crypto-regulatory-text-expected-to-be-released-thursday-does-not-have-senate-democrat-support","status":"publish","type":"post","link":"https:\/\/bluelightnews.com\/category\/politics\/crypto-regulatory-text-expected-to-be-released-thursday-does-not-have-senate-democrat-support\/","title":{"rendered":"Crypto regulatory text expected to be released Thursday does not have Senate Democrat support"},"content":{"rendered":"<div>\n<p>Senators are planning to release the updated text of a cryptocurrency regulatory bill shortly after a meeting with President Donald Trump on Thursday afternoon, Sen. <a href=\"https:\/\/directory.politicopro.com\/member\/398933\" data-person-id=\"398933\">Bernie Moreno<\/a> (R-Ohio) told reporters.<\/p>\n<p>Democratic senators are not expected to attend the meeting. Several Democrats said they wouldn\u2019t support the version of the bill that could be released Thursday, suggesting it faces steep odds for passage.<\/p>\n<p>Negotiations on the <a href=\"https:\/\/legislation.politicopro.com\/bill\/US_119_HR_3633?q=hr+3633\" target=\"_blank\">Clarity Act<\/a> have gone back and forth for the better part of the past year. A major unresolved issue involves an ethics provision seeking to address Trump\u2019s business ties to the crypto industry. The measure is a requirement for Senate Democrats, whose support is necessary to pass the bill through the chamber.<\/p>\n<p>\u201cWe\u2019ll do that right after the meeting,\u201d Moreno said. \u201cYou guys have a lot of reading to do.\u201d<\/p>\n<p>Sen. <a href=\"https:\/\/directory.politicopro.com\/member\/66891\" data-person-id=\"66891\">Cynthia Lummis (R-Wyo.)<\/a>, <a href=\"https:\/\/subscriber.politicopro.com\/article\/2026\/07\/senators-to-meet-with-trump-on-crypto-bill-00999170\" target=\"_blank\">who is also expected to attend the meeting<\/a>, said in an interview Thursday she \u201ccertainly hopes\u201d draft text is released after speaking with the president but didn\u2019t confirm.<\/p>\n<p>Moreno pointed to the time spent meeting with Democrats on the bill over the past year, and said \u201cit&#8217;s time for a vote now, but the president asked for a briefing.\u201d<\/p>\n<p>The Ohio Republican said one of his main goals of the meeting with Trump is to get a vote on the bill before August recess.<\/p>\n<p>Several Democrats said they wouldn\u2019t support the version of the bill set for release Thursday because it lacks strong ethics provisions.<\/p>\n<p>\u201cThey&#8217;re taking a version of the text to the president with their ethics provisions, not with anything that we agree to as Democrats,\u201d Sen. <a href=\"https:\/\/directory.politicopro.com\/member\/189136\" data-person-id=\"189136\">Ruben Gallego<\/a> (D-Ariz.), a key negotiator of the legislation, said in an interview Thursday. \u201cAt the end of the day, we don&#8217;t have strong ethics. I don&#8217;t care what the president says. You&#8217;re not going to have the Democratic votes.\u201d<\/p>\n<p>Gallego said the version of ethics language he\u2019s seen so far is \u201cvery weak\u201d and gives \u201ca lot of latitude to the president to continue doing his grift, and also it&#8217;s not very consumer protection friendly.\u201d<\/p>\n<p>Moreno has been adamant that the crypto bill \u201chas the strongest ethics provision of any piece of legislation ever passed by any Congress.\u201d<\/p>\n<p>A Democratic Senate aide granted anonymity to discuss the unreleased draft said \u201cthe Republican plan being presented to the president is weaker than what Democrats will accept\u201d and that \u201cDemocrats have not seen nor agreed to what is being presented to the White House.\u201d<\/p>\n<p>Sen. <a href=\"https:\/\/directory.politicopro.com\/member\/211545\" data-person-id=\"211545\">Cory Booker<\/a> (D-N.J.), who has been working on the CFTC portion of the bill, said in an interview he\u2019s still in active negotiations on the bill, which aren\u2019t expected to be finished Thursday.<\/p>\n<p>\u201cI hope they&#8217;re not going to drop something before we finish our negotiation,\u201d Booker said. \u201cThe only way to get this done is a bipartisan pathway.\u201d<\/p>\n<p>CORRECTION: An earlier version of this report misstated Democratic Sen. Ruben Gallego&#8217;s party affiliation.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Senators are planning to release the updated text of a cryptocurrency regulatory bill shortly after a meeting with President Donald Trump on Thursday afternoon, Sen. Bernie Moreno (R-Ohio) told reporters. Democratic senators are not expected to attend the meeting. Several Democrats said they wouldn\u2019t support the version of the bill that could be released Thursday, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-25959","post","type-post","status-publish","format-standard","hentry","category-congress"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/25959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=25959"}],"version-history":[{"count":0,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/25959\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=25959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=25959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=25959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}