Thom Tillis has warned he will oppose the Senate’s crypto market structure bill unless it includes strict ethics rules governing White House involvement in digital assets.
Summary
Thom Tillis says he will vote against the crypto bill without ethics limits on federal officials’ crypto activity.
Ruben Gallego insists the bill cannot move forward without bipartisan agreement on these provisions.
The legislation faces delays as lawmakers debate conflicts of interest and stablecoin regulations.
According to reports, Tillis made it clear he would withdraw support if the bill advances without safeguards restricting how executive branch officials engage with cryptocurrencies. He emphasized that ethics language must be included before the proposal leaves the Senate.
Echoing this stance, Ruben Gallego said there can be no final version of the bill without bipartisan consensus on the issue, effectively tying its progress to agreement on ethics rules.
Ethics concerns take center stage
The debate has intensified amid scrutiny from Democrats over crypto-related ventures linked to Donald Trump and his family. Lawmakers are pushing for provisions that would prevent federal officials from promoting, endorsing, or issuing digital assets.
Adam Schiff has been among those advocating stricter measures, including a proposed ban on such activities for all federal employees, citing concerns around memecoins and NFTs tied to political figures.
Additional hurdles slow progress
Beyond ethics provisions, disagreements over stablecoin regulations—particularly whether companies should be allowed to offer interest on holdings—have further complicated negotiations.
The Senate is also working to align its proposal with the House-passed Digital Asset Market Clarity Act, which divides oversight between regulators like the SEC and CFTC.
Bottom line
With divisions over ethics rules and stablecoin policies still unresolved, the crypto bill remains stalled. Bipartisan agreement will be essential before it can move forward to a full Senate vote.
