The bipartisan cryptocurrency bill in the U.S. faces new resistance in the Senate

ChainCatcher news reports that, according to market sources, the primary legislative affairs in the crypto industry have encountered more resistance shortly after CEOs from various companies met with senators to salvage bipartisan negotiations.

First, law enforcement accused NBA coach Chauncey Billups and others of using cryptocurrency to launder money linked to mafia-related gambling rings. Subsequently, The Wall Street Journal revealed that Trump pardoned Binance founder Changpeng Zhao, noting that "Zhao's company had provided the first major development opportunity for a cryptocurrency business owned by the Trump family." These two developments may provide new "ammunition" for Democrats, who have expressed concerns about illegal finance and conflicts of interest during a closed-door meeting on Wednesday, which Republicans rely on to push their legislation. Senator Ruben Gallego stated, "This pardon highlights further corruption in the Trump administration." North Carolina Republican Senator Thom Tillis remarked, "I would be shocked if [this Congress] makes significant progress in the cryptocurrency space, as it has become a political minefield."