Democrats Divided as House Prepares for Major Crypto Votes
Next week, the U.S. House of Representatives will vote on important new laws about cryptocurrency. These include the GENIUS Act, which focuses on stablecoins (a type of crypto tied to regular money), and the CLARITY Act, which would set clear rules for how crypto markets work.
Republicans, with support from the White House, are pushing these bills forward. But Democrats are divided and unsure about what to do during what’s being called “Crypto Week.”
Some top Democrats in the House want the party to officially oppose the bills and convince others to vote “no.” However, these efforts have largely failed because many Democrats actually support the bills for their own reasons.
Right now, it looks like the CLARITY Act will likely pass, but only by a small margin. This is a big change from last year, when a similar bill passed with strong support from both parties. A narrow vote this time could make the issue more political—and that’s something the crypto industry has been trying to avoid. Industry leaders have spent a lot of time and money trying to make crypto a non-political topic.
What’s Causing the Split?
Some Democrats are strongly against these bills because they don’t include rules to stop Donald Trump from making money through crypto while in office. They believe that supporting the bills helps Trump’s personal interests.
One Democratic staff member said, “We want everyone to know exactly what these bills mean. If you vote for them, you’re supporting Trump’s corruption.”
Still, other Democrats are expected to vote for the bills—especially those on the Agriculture Committee, which already approved the CLARITY Act last month.
For example, Rep. Angie Craig (D-MN) has been a long-time supporter of crypto. In fact, crypto groups spent over $1 million to support her re-election campaign last year. She’s now running for the Senate, and crypto political groups plan to spend up to $80 million during next year’s election.
A political insider criticized the party, saying that Democrats often talk tough about Trump and corruption, but quickly change course when money is involved.
Representatives for Craig and Democratic leaders Hakeem Jeffries and Katherine Clark did not comment on the issue.
Meanwhile, Rep. Maxine Waters (D-CA) compared the crypto bills to Trump’s earlier legislation, calling it a “scam” that enriches Trump and his wealthy allies at the expense of regular Americans.
Shortly after her comments, the Democratic National Committee also attacked Trump, sending out a message titled “CORRUPTION WATCH,” accusing him of setting crypto policy for personal profit.
