Dems block bipartisan crypto bill using ‘Jim Crow’ filibuster

On the campaign trail, Trump made a lot of promises to different groups to secure their votes in the election.

One of those groups was crypto investors, but a new piece of legislation that would have helped Trump with the crypto crowd has just been blocked by Democrats, using a tactic they have previously referred to as a “Jim Crow” tactic.

Promises Made

Donald Trump really wanted to make an impression with crypto investors, so he made quite a few promises, the first of which was establishing a national crypto stockpile. Trump stated, “If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.”

Trump also promised to fire U.S. Securities and Exchange Commission Chairman Gary Gensler, even though Trump does actually have the power to fire the SEC commissioner, something Trump was about to test.

Trump then promised to make the United States the leader in bitcoin mining, stating, “If crypto is going to define the future, I want it to be mined, minted and made in the USA. We will be creating so much electricity that you’ll be saying, ‘Please, please, President, we don’t want any more electricity. We can’t stand it!’”

Trump made one more promise, which was to get the Fed to cut rates, but again, it was a foolish promise because Trump does not have the power to tell the Fed what to do, and he cannot fire the Fed.

Gallego Betrays Crypto Community

The crypto crowd thought it had an ally in the form of Senator Ruben Gallego (D-AZ), dropping $10 million into his campaign coffers via various pro-crypto PACs.

The support was so significant that many experts believe it was what helped put Gallego over the top.

However, when bipartisan legislation was being presented to the Senate, it was Gallego who was leading the opposition for Democrats.

The legislation was initially presented by Senators Mark Warner (D-VA) and Andy Kim (D-N.J.).

Blocked by Jim Crow Tactics

When the GOP used the filibuster to block legislation, the Democrats called the filibuster a Jim Crow” tactic, and that it needed to be abolished, yet it was the very tactic Democrats used to block this legislation.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act vote came down 48-49, which made it the fourth time since Trump took office that Dems have used the filibuster to block a bill.

Senate Majority Leader John Thune (R-S.D.) responded, “I don’t know why you vote against proceeding to a bill on the floor after you voted to refer that same bill to the floor – as a number of Democrats, as I just said, did, coming out of the Banking Committee. Which of course makes you wonder if this is about the bill at all – or if it’s simply Democrats obstructing because they want to deny Republicans, or President Trump, a bipartisan win.”

It sure is fun to see how the opinion of something changes based on who is using the tactic and who is in power. All of a sudden, the filibuster is okay to use simply because it is Democrats using it. And for the record, I support the filibuster, but it is rather annoying to see how Democrats weaponize it when the filibuster does not work to their advantage.