Susan Collins votes with Democrats against Donald Trump-backed crypto overhaul

WASHINGTON — U.S. Sen. Susan Collins voted against advancing a major cryptocurrency regulation bill Tuesday, breaking with President Donald Trump and Republicans while joining all Senate Democrats to block the measure on a procedural vote.

The 50-49 tally against advancing the bill known as the Clarity Act fell 11 votes short of the 60 needed, dealing a defeat to an industry-backed push for a uniform regulatory framework just two months before the midterm elections.

Collins was one of only four Republicans to vote no. She was joined by fellow Mainer Sen. Angus King, an independent who caucuses with Democrats. Collins had signaled her hesitation a day earlier. In comments to Punchbowl News on Monday, she called the bill a “moving target” and indicated concerns about community bank deposits.

Democrats withheld their votes over concerns that the bill lacked sufficient safeguards against Trump and his family profiting from the crypto industry while he is in office. Trump reported more than $1.4 billion in crypto business revenue last year, including over $500 million tied to World Liberty Financial, a firm his family controls.

Congress should not””pass a crypto bill that will let Donald Trump continue to rake in billions of dollars in crypto profits” while other Americans struggle with higher costs, said Sen. Elizabeth Warren, D-Mass., the top Democrat on the Senate Banking Committee.