By Joey Capelletti
WASHINGTON (AP) — As President Donald Trump builds a crypto empire, including holding private dinners with top investors at his golf club, Democrats unite by denounce what is called blatant corruption from the White House.
But Democrats’ own ties with the emerging crypto industry are much less and dry.
By adding Guardrails, he works to justify cryptocurrency in the Republican-led Senate, gaining support from some Democrats, highlighting the party’s growing support for the industry. But the department is opening up beyond the bill, and many demand that it prevent the Republican president and his family from directly profiting from cryptocurrency.
“I’m all on the idea of regulating codes,” said Sen. Chris Murphy of D-Conn. “But at this moment, when Donald Trump is using cryptocurrency very clearly to promote his corruption, when you’re legislating, you don’t think you can close your eyes to it.”
The law is moving forward more quickly than Congress normally acts when the industry is new. But the huge amount of money flowing from cryptocurrency companies and campaign donations have made them a new powerhouse on the political scene.
See what you need to know about the influence of the industry and the political battle over what is known as a genius act.
“Anti-cryptography is a great way to end your career.”
Looking no further than the 2024 election to understand the growing influence of the crypto industry. Fairshake, the Crypto Super Political Action Committee, and its associated PACS, spent more than $130 million in Congress races.
Fairshake spent about $40 million to support Ohio Republican Bernie Moreno to defeat Democrat Sen. Sherrod Brown. Brown, who lost to Moreno by more than three percent points, was considered a leading critic in the industry as chairman of the Senate Banking Committee.
Coinbase CEO Brian Armstrong wrote in a social media post the day after the 2024 election, saying, “D.C. received a clear message that being anti-cryptic is a good way to end your career.
Coinbase, the largest crypto exchange in the United States and the biggest contributor to fairshakes, does not consider support for the industry partisan, according to Kara Calvert, vice president of US policy. The industry has also spent a lot of money supporting Democrats Reuben Gallego and Elissa Slotkin for the open Senate seats in the battlefield state.
Fairshake spent $10 million to support Slotkin in the Senate’s success against Republican Mike Rogers. Slotkin, who also won the Michigan race with under 20,000 votes, agreed to Crypto on the campaign trail. Slotkin refused to interview.
Similar dynamics are set before 2026 in contested homes and Senate races. Fairshake said in January that he already had $116 million in cash on hand for the 2026 midterm elections.
“We’re not slowing down. Everything is on the table,” Fairshake spokesman Josh Vrust told The Associated Press.
Hours before the May 19 vote, an advocacy group linked to Coinbase sent an email to the U.S. Senator’s office to advance the Senate’s cryptocurrency law.
“What the spending does is put Crypto on the map, which can let you know that this is not a stage.
The Democratic Party will sail around the “Crypto President”
A considerable number of Democrats (16) joined the Republicans and advanced cryptography. The Genius Act creates a new regulatory structure for Stablecoins, a kind of cryptocurrency that is usually pinned to the US dollar. This is seen as a step towards consumer protection and a greater legitimacy for the industry.
The sticking point for many Democrats is that the bill prohibits Congressional members and their families from profiting from stablecoins, but excludes the president from those restrictions.
Trump, once an industry skeptic, vowed to make the United States the world capital of code in his second term. Meanwhile, he and his family have moved aggressively to almost every corner of the industry, including mining operations, billion-dollar Bitcoin purchases, newly-built stubcoin and Trump branded meme coins.
A few days after Trump’s industry benefits were made public in early May, New York Sen. Chuck Schumer urged the Democrat Caucus to unite and vote to serve a stronger hand in the negotiations, according to anyone familiar with the issue that claimed to be anonymous to discuss private debates.
On May 8, Senate Democrat Bullock, who previously supported the act of genius, ultimately voted to stop the bill from moving forward. Negotiations continued between Senate Democrats and Republicans. The White House is also involved, and is in touch with the offices of senators on both sides of the aisle, according to a senior official who has admitted anonymity to discuss private conversations.
A new version of the bill is expected to pass the Senate this month 100 people. Modifications are still possible. Senator Jeff Markley, D-ORE. I submitted an amendment (common by Schumer) that prohibits the president and his family from profiting from the stove coin, but it is unlikely to pass.
“There’s a lot of legislation, so there’s room for improvement, but this in particular has issues with the president,” said Arizona Sen. Mark Kelly.
Still, the laws are shaking anxiety. Schumer asked if he was urging his members to vote against the bill, opposed the law and said there was “a split in the caucus on that issue.”
“There’s a hole in this bill that everyone is watching,” Murphy said. “It’s illegal to issue cryptocurrency after it passes, but it’s legal for the US president.”
“If this bill passes, we’re like going from dirt roads to paved roads,” he said.
What’s coming next
If the Senate approves the Stubcoin Act, the bill will have to clean up the house before it reaches the president’s desk.
Crypto Advocates says the next priority is to drive Congress for the Market Structure Act.
“Stablecoin is one step in the road. Then there’s a market structure. I hope the Senate will work together to pass something quickly,” Calvert says.
Some Democrats see it as an opportunity to impose basic guardrails on two groups that drifted out of the party in 2024, a rapidly growing industry that is particularly popular among men and young voters.
Associated Press authors Alan Suderman, Lisa Mascaro, Matt Brown and Mary Claire Jaronick contributed to the report.
Original issue: June 9, 2025, 12:29pm EDT
