Senate Democrats draft counterproposal on Trump crypto ethics rules

Galleco is now working with Sen. Thom Tillis and other unnamed Republican senators on a counterproposal. Tillis called the White House version a "positive starting point" said additional changes would likely be needed to reach the 60-vote threshold for Senate passage. Lawmakers still need to meet with the White House, he said, to determine whether revisions acceptable to Democrats would also get President Trump's sign-off.

Lummis defended the original language, saying Trump is voluntarily accepting ethics standards that exceed existing legal requirements.

The unresolved debate has clouded the broader crypto legislation timeline. Senate Majority Leader John Thune said he no longer expects the chamber to pass the bill before the August recess, though he hopes to at least begin debate before lawmakers adjourn.