Senate leaders say time is short for bipartisan cryptocurrency legislation

Senate Majority Leader John Thune said lawmakers have limited time to complete a bipartisan agreement on cryptocurrency oversight before midterm elections reduce momentum. Thune told Semafor that outstanding issues include how to restrict a president's ability to profit from digital assets and how to fill vacancies at the SEC and CFTC.

He added that negotiators continue to refine language on stablecoin yields. Sen. , said he is "pretty down on the lack of progress" on provisions addressing illicit finance.

Legislative timeline and scope Sen.

, told Semafor that lawmakers still aim to bring a bill to the Senate floor in July. She and Sens. , are seeking an ethics framework that can secure both White House approval and enough Democratic votes. The draft agreement is not expected to cover adult children of a president, according to people familiar with the talks.

A Democratic staffer said there is "no way" to include them because no existing ethics rule or law applies to that group.

Enforcement and House outlook Sen.

Peter Welch, D-Vt., said safeguards against insider dealing should apply to public officials and their partners. It remains unclear when any provisions would take effect or how they would be enforced. House Financial Services Chair French Hill, R-Ark., has not committed to advancing the Senate version without changes. He told Semafor last month that "it's not over til it's over."