The legislation has ignited debate over Trump’s own holdings.
President Donald Trump on Monday called on the Senate to advance industry-friendly cryptocurrency legislation that has been mired in partisan fighting over the president’s own holdings in digital assets.
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Trump asked senators to advance the legislation “in honor of” Sen. Lindsey Graham (R-South Carolina), calling him a “big supporter” of it. Graham was not a sponsor of the legislation, and he did not sit on the Senate Banking Committee that advanced the legislation earlier this year.
Graham’s death and Sen. Mitch McConnell’s continued absence have thinned Republicans’ already narrow Senate majority, now 51-47. This could complicate the path for the legislation, which has the backing of the White House and major crypto companies.
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Democrats have raised concerns that the legislation does not include ethics provisions that would regulate elected officials’ crypto holdings. Trump recently reported that he made more than $1.4 billion from cryptocurrency in 2025. Sen. Elizabeth Warren (D-Massachusetts) warned in a letter to the Senate majority and minority leaders on Monday that Trump stood to financially benefit from the bill.
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