Hours before joining progressives to block a crypto bill that critics said was a handout to President Donald Trump, a top Senate Democrat was lobbying her colleagues to pass the legislation.
asserted
Democrat → join → legislation
Sen. Kirsten Gillibrand, D-N.Y., a centrist who leads the Democratic Senatorial Campaign Committee, privately urged fellow Democrats to support advancing a crypto bill that would have created a regulatory framework for the industry, according to reporting in Politico.
uncertain
that → lead → Politico
Her pleas fell on deaf ears, however, as progressives including Sen. Elizabeth Warren, D-Mass., mounted a public campaign against the bill.
asserted
progressives → fall → bill
The critics said the bill would allow President Donald Trump to add to the $1.4 billion in crypto profits he pocketed last year.
asserted
he → say → profits
When it came time for the final vote, Gillibrand joined all Democrats in voting against a motion to advance the bill.
asserted
Gillibrand → come → bill
Four Republicans also voted against the motion, which fell far short of the 60 votes needed to proceed to a full debate.
asserted
which → vote → debate
Gillibrand’s flip-flop reflected the bind that Trump has placed on moderate Democrats during his second term.
asserted
Trump → reflect → term
Many of those centrists previously backed crypto-friendly regulations, but the historic scale of Trump’s profits on his meme coin and other crypto ventures has made them reluctant to publicly side with the industry.
asserted
them → back → industry
Gillibrand’s office did not immediately respond to a request for comment.
asserted
office → respond → comment
In a statement, the progressive group Demand Progress criticized her for previously trying to rally support for the bill.
asserted
group → criticize → bill
“While Sen. Gillibrand switched her support for the bill at the last minute, we deserve to know why she tried to get her colleagues to rubber-stamp this corrupt crypto deal, particularly at a time when she is claiming to oppose Trump’s corruption,” said the group’s corporate power policy adviser, Ella Fanger.
asserted
adviser → switch → corruption
Before the vote, an aide argued in a written statement that it would be best to proceed to debate on the Clarity Act, stating, “Senator Gillibrand would relish the chance to debate real ethics reforms on the floor — in full view of the public, seven weeks out from the midterms.”
asserted
Gillibrand → argue → midterms
Trump and Senate Republicans tried to win over the dozen or so Senate Democrats who have proven friendly to the crypto industry in the past with concessions they said would rein in the president’s crypto ventures.
asserted
they → try → ventures
In remarks on the Senate floor, one of the bill’s sponsors, Sen. Cynthia Lummis, R-Wy., highlighted Gillibrand’s role in negotiations over the text as evidence of its bipartisan backing.
asserted
one → highlight → backing
Lummis also argued that the White House had conceded virtually everything that Democrats had asked for when it came to ethics provisions over the course of months of negotiations.
asserted
it → argue → negotiations
“President Trump gave more than anyone in this town expected, twice.
asserted
anyone → give → town
It is time for this body to take yes for an answer,” she said.
asserted
she → take → answer
Warren and others warned that the supposed concessions were shot through with loopholes.
asserted
concessions → warn → loopholes
“We need crypto regulation, but voting to proceed to this bill is a vote to bless Donald Trump’s corruption,” Warren said hours before the vote.
asserted
Warren → need → vote
One key provision that Democrats had sought would allow state attorneys general to initiate enforcement actions against the president for ethics violations.
asserted
attorneys → seek → violations
However, staffers for Warren on the Senate Banking Committee said that the provision included in the latest version of the bill text was essentially a dead letter, because political officials directed by Trump could issue a legal opinion shutting down the enforcement action.
uncertain
officials → say → action
Another provision of the bill allowing Trump to put his crypto assets in a supposedly “blind” trust would not prevent him from favoring the industry to increase his own profits, minority staffers for the Senate Banking Committee said.
asserted
staffers → allow → Committee
Trump’s self-dealing was not the only issue hanging over the legislation.
asserted
dealing → hang → legislation
The banking industry also flexed its political muscles on the Hill by arguing that the bill would enable crypto start-ups to steal deposits from small local lenders.
asserted
ups → flex → lenders
Tuesday’s vote could create a liability for Democrats heading into the midterms.
uncertain
vote → create → midterms
Crypto industry super PACs have a massive war chest that they could use to target vulnerable Democrats — a tactic they deployed during the 2024 election.
uncertain
they → have → election
Voters want to know that candidates are willing to defy well-funded industries, Warren argued, pointing to the growing number of candidates who bucked crypto during the primary season and won nonetheless.
asserted
who → want → season
“The crypto industry doesn’t want to just lobby Congress, they want to buy the Congress that will be favorable to them,” she said.
asserted
she → want → them
“It is our job when we run for elected office to stand up and do what’s right.
asserted
what → run → office
IT’S EVEN WORSE THAN WE THOUGHT.
asserted
WE → ’ → ?
What we’re seeing right now from Donald Trump is a full-on authoritarian takeover of the U.S. government.
asserted
seeing → see → government
Court orders are being ignored.
asserted
orders → ignore → ?
MAGA loyalists have been put in charge of the military and federal law enforcement agencies.
asserted
loyalists → put → military
The Department of Government Efficiency has stripped Congress of its power of the purse.
asserted
Department → strip → purse
News outlets that challenge Trump have been banished or put under investigation.
asserted
that → challenge → investigation
Yet far too many are still covering Trump’s assault on democracy like politics as usual, with flattering headlines describing Trump as “unconventional,” “testing the boundaries,” and “aggressively flexing power.”
The Intercept has long covered authoritarian governments, billionaire oligarchs, and backsliding democracies around the world.
asserted
Intercept → cover → world
We understand the challenge we face in Trump and the vital importance of press freedom in defending democracy.
asserted
we → understand → democracy
We’re independent of corporate interests.
asserted
We → ’re → interests
Will you help us?
asserted
you → help → us
We have a president with utter contempt for truth aggressively using the government’s full powers to dismantle the free press.
asserted
president → have → press
…and 22 more, not listed.
The Aporia
