Crypto▼ Bearish
Trump Crypto Ties Stall Senate Bill Ahead of August Recess
Democratic opposition over Trump's $1.4B crypto earnings has frozen the Clarity Act. Three weeks remain before recess, and no bipartisan ethics language has been added.
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The Senate's crypto oversight bill is stuck in a fight over ethics provisions tied to President Donald Trump's crypto ventures, with three weeks left before the August recess, Bloomberg reported Friday.
The Clarity Act faces Democratic opposition over conflicts of interest involving Trump, who disclosed $1.4 billion in earnings from his crypto ventures this year. Several Democrats involved in talks said they have reservations about the bill's latest version, particularly around Trump's business entanglements and the absence of bipartisan language addressing them, according to the report.
The ethics dispute is the single biggest hurdle, Axios reported Friday. Democratic senators have demanded a provision barring public officials from owning or trading crypto assets that could create conflicts – language Trump's allies have resisted including.
Other hang-ups: Democrats want stronger anti-money laundering measures, and the two committees drafting different versions – banking and agriculture – must reconcile their texts. Senators outside those panels may not have enough time to review the bill before recess, with some who backed the earlier stablecoin-focused GENIUS Act now either raising concerns or declining to comment, per Bloomberg.