Senate Crypto Bill Faces Debate Over Ethics and Betting Restrictions
A revised version of the Digital Asset Market Clarity Act (CLARITY Act), a proposed federal framework for digital assets, is facing opposition in the US Senate due to concerns over ethics oversight and enforcement authority.
The bill, which aims to provide regulatory clarity for cryptocurrency businesses, includes a new section governing how federal officials may interact with digital assets. Presidents, other federal officials, government employees, and their spouses would be prohibited from issuing or sponsoring digital assets during their time in office, under the proposal.
Violations of this rule would be enforced by the US Department of Justice, with fines reaching $250,000 per day. However, opponents argue that relying solely on the attorney general for enforcement is inadequate and that state attorneys general should also have a role in pursuing violations.
Senators from both parties have expressed opposition to the revised bill, with Sen. Angela Alsobrooks of Maryland saying that it 'lacks sufficient safeguards' and that she would not support the bill in its current form.