US President Donald Trump is scheduled to meet with Senators on Thursday to negotiate the ethical issues raised over the Digital Asset Market Clarity Act.
The talks will focus on the moral quandary posed by high-ranking state officials, including the President, engaging in crypto endeavors. This comes after Trump recently disclosed over $1.4 billion in annual profits from his family’s crypto businesses. Cryptocurrency was the largest source of the President’s income, far superseding his traditional real estate holdings.
This revelation triggered backlash from legislators and the crypto community. It has also now become the reason for delays in the passage of the CLARITY Act.
At a Capitol Hill press conference yesterday, Democratic Senators Chris Murphy, Chris Van Hollen, and Jeff Merkley threatened to filibuster the bill. Van Hollen called it a “corrupt piece of legislation that will do a lot of harm.” Murphy concurred with this statement, saying:
“His issuance of cryptocurrency as a means to make billions of dollars off of both bilking his supporters into buying a worthless token and providing a hidden avenue for mass-scale bribery of the White House is the biggest corruption racket in the history of this country.”
In response to this, Wyoming Senator Cynthia Lummis staunchly noted that Congress “can’t just legislate for one person.”
Meanwhile, Chairman of the US Federal Reserve, Kevin W arsh, has called for crypto unity in regulation, saying:
“What I don’t think we want is any kind of regulatory arbitrage, where firms are trying to game who’s got the lightest regulation.”
While US legislators are stuck in a stalemate, nations like Japan and South Korea have provided clear frameworks for cryptocurrencies. The odds of the CLARITY Act passing this year remain low due to the upcoming congressional recess and subsequent midterm elections.
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