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Republicans target Trump's crypto empire with new plan, Dems say it falls short
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Sen. Cynthia Lummis, Senate Digital Assets Subcommittee Chair, confirms the CLARITY Act is set for a Senate floor vote the week of July 20th. This crucial bill, developed over 10 months, aims to bring much-needed stability and regulatory certainty to the US crypto markets. Its passage before the August recess is vital for encouraging onshore business.
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Clarity Act Mired In Debate Over Whether to Bar President From Selling Crypto
Democrats and Republicans are haggling about the Clarity Act, a major bill pushed by the crypto industry, as it moves closer to a Senate vote.
A sweeping cryptocurrency bill is approaching a final vote in the Senate this summer, with support from Republicans and some Democrats — and backed by an industry that has spent tens of millions of dollars to shape it.
But lately a major sticking point has emerged: the $1.4 billion in crypto revenue that President Trump disclosed in June, after a year of astonishing moneymaking by his family’s network of crypto businesses.
Now as the landmark legislation, known as the Clarity Act, inches toward passage, Senate Democrats are pushing for strict language in the bill that would bar public officials from selling digital currencies. On Wednesday, Republican senators released a new draft of the bill that contained a version of those restrictions, including language making it illegal for the president and other U.S. officials to issue or sponsor a cryptocurrency.
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