Washington, D.C. — On Tuesday, the Senate failed to advance the Clarity Act, a cryptocurrency bill strongly supported by President Donald Trump and the crypto industry. Since a majority voted against the motion, the Senate could still bring the motion up again. Previously, Sen. Kristen Gillibrand (D-NY) urged her Democratic colleagues to support the measure despite the conflict of interest presented by her 22-year-old son being financially backed by a crypto billionaire. Demand Progress previously called out Sen. Gillibrand’s hypocrisy and urged Senate Democrats to oppose the Clarity Act. In the final vote, Sen. Gillibrand was among those who ultimately voted against advancing the bill.
The following is a statement from Demand Progress Corporate Power Policy Advisor Ella Fanger:
“Democrats just dodged a bullet by refusing to go along with the dangerously weak bill that Trump and the crypto industry have asked for. While Sen. Gillibrand switched her support for the bill at the last minute, we deserve to know why she tried to get her colleagues to rubber-stamp this corrupt crypto deal, particularly at a time when she is claiming to opposeTrump’s corruption. Last year alone, the Trump family made more than a billion dollars from their dealings with the crypto industry. There should be no political or financial reason big enough for anyone to vote to enable that brazen corruption.”