<div id="readability-page-1" class="page"><div>Like this article? Keep independent journalism alive. Support HuffPost.WASHINGTON — Advocacy groups are pressuring two ambitious Democratic senators to back provisions cracking down on President Donald Trump’s involvement with the cryptocurrency industry. Sens. Ruben Gallego (D-Ariz.) and Adam Schiff (D-Calif.) are now in a bind between an industry that helped elect them and Democrats’ message on presidential self-dealing. Politics: Donald Trump Brazenly Admits What His Supreme Court Appointees Are There ForThe Senate is set to advance long-anticipated legislation that would grant the crypto industry the soft regulation it’s been lobbying for, but it can’t pass without support from a handful of Democrats. Schiff and Galllego, who have both progressive credentials and benefited from millions of dollars’ worth of ads from industry-backed super PACs in 2024, are key swing votes. The progressive groups pressed Gallego and Schiff to withhold support from the new bill unless it bans the president from participating in crypto businesses, as Trump has done during his second term. “Senators cannot accept legislation that falls short of prohibiting all elected and appointed public officials to high office and their families, including the President and Vice President, from promoting, issuing, or sponsoring crypto products and services, directly or indirectly,” Americans for Financial Reform, Demand Progress Action, Indivisible and Public Citizen said in a letter on Friday, which has not been previously reported. Senate Democrats initially demanded presidential ethics provisions be added to a smaller crypto bill Congress passed last year, but still voted for the bill even after their demands were mostly rebuffed. Politics: Melania Trump’s Mother’s Day Op-Ed For The Washington Post Gets A Brutal Reality CheckSpokespeople for Schiff and Gallego, a potential 2028 presidential contender, didn’t respond to requests for comment on Monday. Gallego is a member of the Senate Banking Committee, which will vote on the so-called market structure bill this week. The legislation has been stalled over a dispute between the crypto industry and banks, which dislike a proposal to allow “stablecoin” issuers to pay their customers “yields,” an idea that strikes banks as overly similar to interest on savings accounts. “Our concern is that payment stablecoin yield, or incentives that act like yield, can reduce U.S. deposits and, in turn, banks’ capacity to extend credit across the country,” a group of bank trade associations warned lawmakers on Friday. Sen. Elizabeth Warren (D-Mass.), the banking committee’s top Democrat, has made Trump’s involvement in crypto a key reason for opposing Republican bills granting the industry soft-touch regulation. At a hearing in February, she pointed to a Wall Street Journal report that Trump’s company, World Liberty Financial, received an investment from a member of the United Arab Emirates royal family, and that the UAE subsequently won access to tightly guarded AI chips. Politics: Trump Rejects Iran's Response To Peace Plan, American On Repatriation Flight Tests Positive For Hantavirus: Live Updates“President Trump’s crypto company is now at the center of perhaps the most disgraceful presidential corruption scandal in U.S. history,” Warren said. <h3>Related...</h3><ul><li>The Crypto Industry’s Plan To Sink Unfriendly Democrats Is Backfiring</li><li>Inside The Trump Family’s Global Cash Machine</li><li>Adam Schiff, Beneficiary Of Crypto Campaign Cash, Introduces Presidential Crypto Ban</li></ul>Read the original on HuffPost</div></div>

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Advocacy groups are urging Senators Ruben Gallego and Adam Schiff to support provisions in a crypto bill that would prevent President Trump from engaging in cryptocurrency activities. As the Senate prepares to advance legislation favoring the crypto industry, these senators, who have received significant backing from industry super PACs, face pressure to ensure the bill includes strict ethics measures. The groups demand that all elected officials, including the President and Vice President, be prohibited from promoting crypto products. The Senate Banking Committee, of which Gallego is a member, is set to vote on the bill amid ongoing disputes between the crypto sector and banks.

- Advocacy groups are urging Senators Ruben Gallego and Adam Schiff to ensure legislation regulating the cryptocurrency industry includes a ban on President Trump's involvement.  
- The Senate is preparing to advance a bill that provides soft regulation for the crypto sector, but it requires support from key Democrats who have received significant funding from the industry.  
- Critics, including Senator Elizabeth Warren, emphasize the need for ethical standards to prevent presidential self-dealing and highlight Trump's controversial business ties to the industry.

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Progressives Press Ruben Gallego, Adam Schiff To Insist On Ethics In Crypto Bill