Progressive Groups Target Gillibrand In Crypto Bill Fight

According to Axios, progressive groups including Indivisible, Demand Progress and the Revolving Door Project are targeting Sen. Kirsten Gillibrand as she works to broker a compromise on the CLARITY Act, which still has unresolved ethics provisions. The groups said Gillibrand, who chairs the Democratic Senatorial Campaign Committee, is undermining efforts to hold the Trump administration accountable for corruption, and argued that her son's involvement in an equity trading platform leaves Democrats vulnerable to the same criticism. The CLARITY Act still needs 60 votes in the Senate this summer, and Republican Sens. Bernie Moreno and Cynthia Lummis are working with the White House on compromise language while Sen. Thom Tillis leads separate bipartisan talks on the ethics section. The crypto industry’s flagship super PAC, Fairshake, has about $125 million on hand, and the bill cleared the Senate Banking Committee in May with support from Democrats Ruben Gallego and Angela Alsobrooks. Axios also noted that last year's GENIUS Act, which created the first federal framework for dollar-backed stablecoins, prompted tense Democratic debate and ultimately won support from 18 Senate Democrats.