The cryptocurrency industry’s top legislative priority is facing yet more headwinds shortly after CEOs huddled with senators to salvage bipartisan talks.
First, law enforcement alleged NBA head coach Chauncey Billups and others used crypto to launder proceeds from a mafia-linked gambling ring.
Then, The Wall Street Journal scooped that Trump pardoned Binance founder Changpeng Zhao, whose firm gave the Trump family crypto firm its first big break.
Both developments could hand fresh ammunition to the Democrats who Republicans need to advance the bill — Democrats who had already raised concerns in closed-door meetings Wednesday over illicit finance and conflicts of interest.
The pardon “just reeks of further Trump corruption,” Sen. Ruben Gallego, D-Ariz., told Semafor.
“I’ll be shocked if we make much progress in the crypto space [this Congress], because it’s become a political lightning rod,” Sen. Thom Tillis, R-N.C., said.