Blumenthal Slams Crypto Corruption in Trump's Bill

U.S. Sen. Richard Blumenthal has expressed concerns that a bill before Congress to regulate the cryptocurrency market, known as the Clarity Act, does not do enough to prevent President Donald Trump and other public officials from profiting from crypto transactions.

The bill, backed by the cryptocurrency industry, aims to provide a regulatory framework for digital assets. However, Democrats have called for stricter language with clear ethics standards and approved protections for consumers and national security.

Blumenthal pointed out that Trump disclosed earning over $2 billion in 2025, including $1.4 billion from his family's cryptocurrency business. He argued that the current Clarity Act would not require Trump to divest from cryptocurrency and that the ethics provision included in the bill would sunset in 2029.

Blumenthal also criticized the fact that the Department of Justice would have the power of enforcement, calling it the 'Department of Injustice.' He suggested that state attorneys general should be permitted to serve as enforcement agents. The senator noted that the crypto industry has invested millions of dollars in lobbying for the legislation and holds significant political weight.

Blumenthal stated that Republicans know they need Democratic votes to pass the bill, giving Democrats bargaining power to push for an improved version of the Clarity Act before the election.