Senate Set to Vote on Bill Exempting Trump's Crypto Ventures from Ethics Provisions
The Senate is set to vote on the Clarity Act, a cryptocurrency market structure bill that aims to deregulate the sector further. The bill's ethics provisions have been touted as 'unprecedented', but experts argue they're riddled with loopholes that protect President Trump's personal crypto ventures.
Last year, Trump's crypto businesses brought in $1.4 billion, with World Liberty Financial generating over $800 million through token sales and interest on the USD1 stablecoin reserves. The bill prohibits 'covered individuals', including the president, from issuing or sponsoring digital assets, but the definitions are carefully drafted to exclude Trump's ventures.
The new draft language removes a sunset provision that would have expired in 2029, preventing any future prosecution of Trump. However, most enforcement falls to the Attorney General, currently Todd Blanche, a former personal lawyer to Trump. The bill also requires state attorneys general to obtain injunctive relief from the Office of Government Ethics before bringing an action against the president.