Crypto Darling Gillibrand’s 11th-Hour Flip-Flop Helps Block Trump Crypto Bill

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.

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.

Her pleas fell on deaf ears, however, as progressives including Sen. Elizabeth Warren, D-Mass., mounted a public campaign against the 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.

When it came time for the final vote, Gillibrand joined all Democrats in voting against a motion to advance the bill. Four Republicans also voted against the motion, which fell far short of the 60 votes needed to proceed to a full debate. The final tally was 49–50.

Gillibrand’s flip-flop reflected the bind that Trump has placed on moderate Democrats during his second 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.