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US Senate Will Not Advance the CLARITY Act Without Banning Officials’ Ties to the Industry — Media
The cryptocurrency industry in the United States risks remaining without regulatory rules until the end of the current year. According to CoinDesk, Senator Kirsten Gillibrand called an ethics provision a critical condition for advancing the new legislation.
According to her, the Digital Asset Market Clarity Act may fail to pass without a ban preventing officials from profiting from the crypto industry.
Officials Under Scrutiny
Kirsten Gillibrand insists on including a provision in the bill that would prohibit senior government officials from having personal interests in the cryptocurrency sector.
The requirement primarily targets the business interests of United States President Donald Trump.
Kirsten Gillibrand. Source: CoinDesk.
According to The Gyaan’s May estimates, the Trump family’s wealth is valued at $8–11 billion. Most of this growth reportedly occurred over the past year and a half and is linked to the family’s cryptocurrency ventures, including the World Liberty Finance project, mining company American Bitcoin, and memecoins.
The New York senator emphasized that no one would vote for the bill without strict ethical safeguards.
“It is unacceptable to allow members of Congress or presidents to enrich themselves through their insider status,” she stated.
At the same time, the White House denies any conflict of interest involving Donald Trump and says it will not tolerate legislation aimed personally at the current president.
Meanwhile, the Digital Asset Market Clarity Act, considered the main goal of crypto lobbying efforts in Washington, remains stalled awaiting hearings in the Senate Banking Committee.
On May 5, lobbyists representing lending institutions expressed dissatisfaction with the latest wording of the CLARITY Act. According to them, the bill lacks adequate protection for bank deposits.
Last Chance
Lawmakers have little time remaining. Only about ten weeks are left in the Senate’s working calendar before political attention fully shifts to the midterm elections.
During this period, work on complex legislation is usually paralyzed by election campaigning.
Kirsten Gillibrand predicts that a final vote could take place during the first week of August if the parties reach agreement on ethics, consumer protection, and combating illegal financing.
Meanwhile, Summer Mersinger of the Blockchain Association believes that the window of opportunity never closes permanently.
According to her, it is important to act now, but even if the current attempt fails, the legislative process will resume later.
See also: "Bitcoin Bull Strategy Company Released Its Earnings Report!"
