We are now one step closer to crypto becoming a legitimate source of currency in this country.
This week, after much debate, the Senate has finally passed legislation to regulate cryptocurrency.
The bill passed in bipartisan fashion, with a 68-30 vote, with only two Republicans voting against the measure.
Majority rules
There is, and has been, a huge demand on both sides of the aisle to make cryptocurrency a valid source of money in this country.
Trump’s commitment to crypto was one of the areas in which he picked up votes from Democrats, so this legislation was not all that surprising, given that the GOP holds both chambers of Congress.
The only two Republicans who voted against the legislation were Sens. Rand Paul (R-KY) and Josh Hawley (R-MO).
Most of the Dems who were against the bill stated that they did not back it because they believe it is just one more way for a corrupt president to profit off the office, as if Trump’s family business is the only enterprise that is invested in it.
For instance, Sen. Elizabeth Warren (D-MA) stated, “This is a bill that was written by the industry that will supercharge the profitability of Donald Trump’s crypto corruption, while it undercuts consumer protection and weakens our national defense.”
Sen. Bill Haggerty (R-TN) countered, “With this bill, the United States is one step closer to becoming the global leader in crypto.”
He went on, “This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries.”
Haggerty added, “Today will be remembered as an inflection point for innovation in the United States of America.”
The bill will now head to the House, which has also been writing a version of a crypto regulation bill, so it will be interesting to see if Speaker Mike Johnson (R-LA) chooses to pass the bill as is or if he looks to make more changes and send it back to the Senate.
The biggest challenge the GOP will have on this is the fact that the Trump family jumped into the crypto market some time ago, and it has made millions in profit since.
The Trump Organization will clearly benefit from this legislation, but it would have benefited from such a measure regardless of who sat in the Oval Office, so the argument is moot, in my opinion.
I was among the first to raise a red flag when the Trump Organization expanded its footprint in the Middle East only months after Trump took office, as the optics were bad, but to Donald Trump Jr.’s point, this family has been in these businesses long before his father became president and will remain in business long after he leaves office.
They cannot be expected to shut down all ventures simply because the family patriarch has taken office again.
It is apples and oranges compared to Hunter Biden, who was going into business ventures that were clearly influenced by his father’s office, not existing ones.
And yes, I know how all this sounds, but if I thought something shady was taking place, I would say it, but I just don’t think that is the case here.
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Author: G. McConway
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