"Sticky issues" are plaguing a long-awaited new crypto legislation released Monday by the Senate Agriculture Committee — something President Donald Trump has referred to as a top priority.
The discussion draft portion is expected to change how the government regulates cryptocurrencies and is part of a sweeping new bill that is moving closer towards legislation, Politico reports.
Agriculture Chair John Boozman (R-AK) and Sen. Cory Booker (D-NJ), a panel member who has had negotiations over the topic with Republicans, unveiled the new draft.
"The text included several sections in brackets that remain the subject of negotiations, indicating that lawmakers still have sticky issues to sort out," according to Politico.
The bill is considered a focal point for Trump and the powerful crypto industry, which has anticipated this legislation. It's expected to overhaul and give "regulatory clarity" requested by digital asset executives and lobbyists.
The president and his family have embraced crypto since his second return to office, and Trump has rolled back regulatory oversight of the industry as his family and their associates have started four different crypto ventures under the brand names American Bitcoin, $TRUMP, World Liberty Financial and Trump Media & Technology Group.
Trump recently pardoned Changpeng Zhao, the founder of the cryptocurrency exchange Binance. Zhao was convicted of money laundering charges under the Biden administration. His company paid more than $4 billion, and Zhao personally paid a $50 million settlement as part of the conviction.
Trump was asked about Zhao's pardon on CBS News' "60 Minutes" last week, where he claimed not to know Zhao. Some analysts have found those claims hard to believe because Binance invested $2 billion in World Liberty Financial, the Trump family's cryptocurrency business. Zhao had hired lobbyists to persuade Trump to grant him a pardon.