Crypto
Home›Crypto›Regulation›Democrats press for ethics limits in Clarity Act crypt…
Democrats press for ethics limits in Clarity Act crypto bill
The bill has not yet added language barring President Trump and his family from profiting, despite filings showing more than $1.2 billion in crypto gains last year.
Democrats are intensifying their opposition to the Clarity Act in the final weeks before a key congressional deadline, arguing the bill should include ethics restrictions preventing President Donald Trump and his family from profiting from crypto. According to Decrypt, the effort is centered on the lack of prohibitions in the current text, with Congress having less than four weeks before its August recess.
Sen. Elizabeth Warren wrote to Senate leadership urging that the legislation bar Trump, his family, and other senior officials and lawmakers from profiting off the crypto industry. Decrypt notes that restrictions have not yet been added, even after filings revealed the president made more than $1.2 billion on crypto ventures last year.
On Tuesday, additional Senate Democrats, including Chris Murphy and Chris Van Hollen, are set to hold a press conference opposing the bill’s current form. Decrypt reports the event is expected to focus both on Trump’s crypto dealings and on concerns that the bill could weaken financial oversight by creating carveouts for blockchain based assets tied to the sector.
Supporters argue the Clarity Act would legalize most crypto activity and increase regulation of the industry, while opponents say it would substantially reduce certain post Great Depression financial rules for these assets. Decrypt said the legislation, considered for more than a year, is expected to face a do or die push before the August recess, or risk getting delayed into a period shaped by the November midterms and possible House and Senate control changes.