Gillibrand Seeks Crypto Ban on Presidential Self-Dealing

U.S. Senator Kirsten Gillibrand has proposed an enforceable ban on presidential self-dealing in cryptocurrency, calling it 'a permission slip' if left to the president's own Justice Department.

Gillibrand made this demand as a condition for her support of the Digital Asset Market Clarity Act, which aims to regulate digital assets and their markets. The proposal specifically targets presidents, their spouses, and senior officials from issuing, sponsoring, or profiting from cryptocurrency while in office.

A Reuters/Ipsos survey conducted Aug. 14-17 found that 63% of U.S. adults consider Trump's and his family's crypto profits inappropriate, while 32% deemed them appropriate.

Gillibrand emphasized the need for an enforceable prohibition, stating 'We can pass smart, clear rules for digital assets and shut down presidential self-dealing at the same time.'

The proposal has been met with criticism from some Democratic senators who argue that provisions covering ethics, consumer protection, illicit finance, conflicts of interest, and market integrity require strengthening. The Digital Asset Market Clarity Act will face its first Senate floor test on Sept. 15.