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The latest version<\/span> of a sweeping crypto bill exposed a deep divide between progressives and moderate Senate Democrats: whether to accommodate the industry ahead of the fall midterms, or declare open war on it.<\/p>\n Seven Democrats issued a statement Wednesday night lamenting that they cannot vote for the latest draft of the bill, citing weak provisions aimed at tamping down Donald Trump\u2019s crypto self-enrichment, among other issues. In a joint statement, they pledged<\/a> to keep working with Republicans to \u201cget this over the finish line.\u201d<\/p>\n Other Democrats say they have had enough of crypto, however. The problems with the bill run much deeper than Trump\u2019s corruption, Sen. Chris Murphy, D-Conn., said at a Wednesday speech, and it is time for Democrats to openly break with the industry and its $189 million in campaign funds<\/a>.<\/p>\n \u201cThis bill is in front of the Senate because the industry paid for it,\u201d Murphy said. \u201cWe should, in this election, make crypto\u2019s purchase of our political process, AI\u2019s purchase of our political process, a major campaign issue.\u201d<\/p>\n \u201cThis bill is in front of the Senate because the industry paid for it.\u201d<\/p>\n<\/blockquote>\n<\/figure>\n The two sides staked out their position as Republicans released a draft text of the far-reaching bill known as the Clarity Act, which would create an industry-friendly regulatory structure for cryptocurrencies.<\/p>\n Critics say there are many problems with the bill, including lax consumer protections and loopholes that would enable money laundering. Nothing in the monthslong fight over the legislation has generated as much controversy as Trump\u2019s self-dealing, however.<\/p>\n Between the $TRUMP meme coin<\/a> and other ventures<\/a>, Trump profited at least $1.4 billion<\/a> off crypto last year. Democrats have proposed requiring Trump to divest himself of his crypto ventures and put enforcement in the hands of Democratic state attorneys general.<\/p>\n Instead, Republicans issued a proposal, with Trump\u2019s blessing, that would prevent him from issuing new meme coins and put enforcement in the hands of his own Department of Justice and would not be enforceable after he leaves office.<\/p>\n No matter what\u2019s in the legislation, the bill is meaningless if it leaves enforcement to Trump\u2019s own administration, said Mark Hays, the associate director for cryptocurrency and financial technology at Americans for Financial Reform and Demand Progress.<\/p>\n \u201cI don\u2019t think anybody who is following the DOJ seriously thinks they will do that,\u201d he said. \u201cThat is just not how this administration works.\u201d<\/p>\n <\/p>\n Even Sen. Adam Schiff, a California Democrat who has often sided with crypto in the past<\/a>, said he opposes the language in the bill addressing Trump. Schiff told reporters at the Capitol that that text gives the appearance it applies to Trump and his family without actually doing so.<\/p>\n \u201cIt\u2019s a complete nonstarter,\u201d he said.<\/p>\n\n