By Patrick Woodall
The Senate Agriculture and Banking Committees are taking up controversial and increasingly partisan crypto legislation that would expose people’s retirement savings, the financial system, and the economy to highly-risky crypto tokens. It also would reward and enshrine President Trump’s lawless crypto corruption that has generated a gusher of profits for the First Family.
The crypto industry and its right-wing billionaire backers are demanding total obedience from Congress — with the biggest U.S. crypto trading platform rejecting any legislation that did not deliver every single one of the desired giveaways. The sprawling legislative proposals will rewrite and significantly weaken securities laws, enmesh crypto into regulated financial institutions without guardrails, and have a significantly risky impact on the economy — even for people that do not invest in crypto. The industry wants to get all of the benefits of traditional finance without meaningfully adhering to any of the rules and safeguards for investors, retirement savers, or the economy.
To say the legislative process needs sober, considered review, and thought is an understatement. Yet we continue to see Senators rushing to meet artificial deadlines and chase timelines established by crypto billionaires — including the President.
Senate Agriculture Committee Chair John Boozman (R-Arkansas) released a partisan draft bill that is currently scheduled for a Committee vote on Tuesday, January 27. Chair Boozman seems willing to ram legislation forward that fulfills the industry’s dreams of largely unfettered crypto speculation throughout the financial system while everyday people, families, and communities bear the brunt of the risks.
The Democratic Negotiating Bloc
In the fall of 2025, a group of 12 Democratic Senators embarked on legislative negotiations around crypto legislation. The group outlined several issues they stated were pre-conditions for their support of broad crypto trading legislation. In theory, that is how legislators legislate. They negotiate over their differences. The group of 12’s approach had the potential to position them to provide substantial input into the crypto market structure negotiations in order to require the inclusion of meaningful protections and safeguards in the legislative product. The bloc has leverage — they effectively hold filibuster power over the fate of the legislation if they stay united and resolute.
The bloc has attempted to address how crypto is used to finance cartels, traffickers, and terrorist groups; to include the necessary consumer and investor protections equivalent to existing standards; and to keep people and the economy shielded from crypto’s volatility. They expressed real outrage at the ever-growing crypto corruption by the President and First Family — reaping $1.4 billion in crypto trading fees and token sales, bestowing presidential pardons for crypto schemers, and dropping lawsuits for crypto campaign donors, all while trying to get a bank charter for the Trump crypto platform.
These efforts came to naught. Industry and the White House are calling the shots. The White House torpedoed efforts to confront ethics and conflicts of interest. Detailed Democratic proposals on money laundering in decentralized finance were leaked to industry which bluntly vetoed the proposals.
The Boozman Bill Falls Far Short
The Boozman bill just continues this partisan blockade. It does pitifully little to address the principles, priorities, and red lines clearly established by the group of 12 Democrats. The bill undermines the Securities and Exchange Commission’s regulatory authority, fails to meaningfully address money laundering, and sidelines investor and consumer protections to the periphery with industry priorities taking center stage.
Most jarring is the total lack of any language or provisions related to the gross ethical concerns raised by the President’s crypto corruption. Passing this deeply flawed bill not only exposes everyone and the economy to the chaos of crypto but also literally rewards and enriches the president.
Chair Boozman cannot unilaterally advance crypto legislation through the Senate. It will take 60 votes to pass the bill, which means he needs to gain the support of some Democrats.
The negotiating bloc of Democrats continues to have considerable leverage over the process — many sit on the Agriculture and Banking Committees which will consider the legislation over the coming weeks. They can and must continue to oppose advancing a bad bill in the Committees and resolve to exercise their filibuster power on the Senate floor. They can only advance their priorities if they actually stick to their principles and walk away from legislation like the Boozman bill that falls far, far short.
Senate Should Block Crypto Giveaway
This legislative fight presents a watershed moment. Senators will be voting on the fate of the financial system, workers’ retirement, the economy, and public trust. Voting to support this deeply flawed bill is a gamble that Senators must not take. The flaws and cracks in the text are not fixable through amendments. The legislation is built on ideas and premises that sit diametrically opposed to a healthy, stable, and secure financial system. The costs and risks are too grave to be deferred for future legislation or regulation to fix.
Senators face a critical choice: throw their support behind President Trump and his pro-authoritarian crypto billionaire cronies or stand up for the people and reject the legislation that is merely the crypto industry’s wish list.