Trump Admin Pressures Law Enforcement to Support Controversial Crypto Legislation
The Trump administration is exerting pressure on law enforcement groups to support the Clarity Act, a milestone cryptocurrency legislation that critics say could be exploited by criminal groups.
According to multiple sources briefed on the matter, the White House has been reaching out to current and former US law enforcement officials to garner their support for the bill. The campaign is part of a broader push led by White House officials, Republican lawmakers, and acting Attorney General Todd Blanche to rebut concerns raised about parts of the proposed Clarity Act.
The administration and cryptocurrency industry groups argue that the law would bring regulatory certainty to the digital currency industry and ensure the sharing of information about illicit activity with law enforcement. However, critics are focused on a part of the bill that allows President Donald Trump to keep benefiting from his cryptocurrency ventures, including $TRUMP memecoin.
Supporters of the bill hope it can pass before the Senate recess in August, but Senate leaders have warned about challenges ahead.