Crypto Clash in Congress: Senate Kills Bill Barring Politicians From Profiting on Crypto

The U.S. Senate rejected an amendment to the 'Outlaw Big and Beautiful Bill' (OBBB) that sought to prohibit elected officials from promoting or profiting from cryptocurrencies in which they hold financial interests. The amendment, introduced by Senator Jeff Merkley (D-OR), failed in a 53-47 vote after opposition from Senator Cynthia Lummis (R-WY), who argued it WOULD harm American competitiveness and hinder regulatory understanding of digital assets.

Merkley's proposal aimed to establish ethical guidelines for public officials engaging with crypto assets, addressing concerns over conflicts of interest. The debate highlights growing tensions between cryptocurrency regulation and political involvement in the sector, with implications for market transparency and institutional adoption.