News that President Donald Trump made more than $1 billion from cryptocurrency while in office has emboldened Senate Democrats who want industry-friendly legislation to stop him from profiting off digital assets — potentially making it harder still to strike a deal this year.
The lawmakers, whose support Republicans need to advance the bill, had previously conceded they can’t restrict Trump’s sons even though the pair conduct most of their family’s crypto business. Now, Democrats believe Trump’s latest financial disclosure strengthens their hand as they negotiate the rest of the ethics language — including whether to allow private parties, along with state officials, to sue over violations.
“When I read that [financial disclosure], I was like, ‘Well, Republicans are trying very badly to protect the president — and I can see why — but it also demonstrates why Democrats are not going to give them cover to do that,’” one person familiar with the talks said.
Still, it’s unlikely any final product reins in Trump entirely, especially without constraining his sons.
“A lot of Dems really want to bankrupt Trump — and they can’t,” another person said.
“The entire model of a president’s ethics is electoral and the voters have clearly established they don’t care. … We’re just screwed.”