There will be no deal without an ethics provision in sweeping cryptocurrency market structure legislation, warned Sen. Kirsten Gillibrand, one of the bill’s most prominent advocates.
Many Senate Democrats have raised concerns over President Donald Trump and his family’s crypto connections. Both Trump and his wife, Melania Trump, launched memecoins ahead of the inauguration, and his family has led the DeFi and stablecoin project World Liberty Financial.
Bloomberg has estimated that Trump has raked in at least $1.4 billion from his crypto ventures. Trump’s crypto interests have also faced scrutiny over potential national security and foreign influence risks following an investment tied to the United Arab Emirates.
“It is essential — and I want everyone in this room to take this to heart — there will be no one voting for this bill if we don’t have an ethics provision,” Gillibrand said on Wednesday at the Consensus Miami conference. “The truth is that we cannot allow members of Congress, senior administration officials, presidents, or vice presidents to get rich off these industries because of their insider status.”
A cryptocurrency market structure bill advancing through Congress stands to resolve a turf fight between Wall Street regulators, but it presents risks for investors if the perennially overmatched CFTC becomes the industry’s cop on the beat. Most tokens would be defined as commodities rather than securities and removed from the Securities and Exchange Commission’s purview under the “CLARITY Act” (H.R.…
The cryptocurrency industry reached a major milestone in Washington on Thursday, as Congress cleared legislation outlining the first federal rules for stablecoins, a popular form of digital currency. A bipartisan vote in the House to approve the bill, known as the Genius Act, sent it to the White House for President Trump’s signature, now expected on Friday. He has promised…
Prospects of passing a bill to regulate the cryptocurrency industry at large are hitting a recurring roadblock—President Donald Trump’s entanglement with the sector. Some Democrats at a House Financial Services Committee hearing raised issues with Trump’s involvement in crypto. “The president has put us in a position where his actions are so egregious that we have no other choice but…