Trump Business Interests Threaten Clarity Act Crypto Regulation Bill

A major bill aimed at clarifying cryptocurrency regulation in the United States is at risk of being overshadowed by President Donald Trump's business interests.

The so-called Clarity Act, which is backed by Republicans, a section of the Democratic Party, and the crypto industry, could still be put to a vote in the Senate this summer.

However, a debate over ethical rules has caused division. The issue at hand is Trump's financial disclosure from June, which shows that last year he received around $1.4 billion in income from cryptocurrencies.

The Democrats and various civil-society organizations have argued that the proposed rules do not go far enough to prevent conflicts of interest among public officials.

They point out that the revised version of the bill presented by Republicans would only prohibit the president and other US officials from issuing or sponsoring new cryptocurrencies while in office, but would allow them to continue profiting from existing crypto projects.