Trump's crypto riches loom over Clarity Act talks to ban conflicts for U.S. officials
U.S. Senate Democrats are pushing to include strict ethics provisions in the Digital Asset Market Clarity Act to prevent officials, including Donald Trump, from profiting from the crypto industry. Negotiations are ongoing as the Senate faces a tight deadline before the summer recess.
Why it matters
The legislation could set a significant precedent for financial disclosure and conflict-of-interest rules regarding digital assets for high-ranking government officials.
In a briefing of U.S. Senate Democrats' offices on that provision, ethics and anti-corruption advocates rounded up by Senator Chris Murphy suggested last week that Trump needed to be prevented from further profit from the industry his administration is regulating, according to a person familiar with the discussion. The case was made that the ethics section of the Digital Asset Market Clarity Act needed to extend to officials' familiar members and include bans on ownership and rules on disclosure.
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