Trump Cryptocurrency Empire Under Threat as CLARITY Act Advances
The CLARITY Act, a bipartisan legislation aimed at bringing regulatory clarity and investor protection to the cryptocurrency market, may force President Trump to divest from his cryptocurrency-related businesses. The act has faced hurdles among policymakers, with many requesting additional ethics language that could bar people in power from profiting from cryptocurrencies.
The proposal targets President Trump's family, who have made more than $1 billion in crypto profits since he took office. Although the President does not directly manage his crypto investments, his sons - Eric Trump and Donald Trump Jr. - are responsible for managing the cryptocurrency empire.
The CLARITY Act requires 60 Senate votes to pass into law, and Sens. Thom Tillis (R) and Ruben Gallego (D) are negotiating how additional ethics language can be placed into the act. If passed, the legislation could bring a massive surge in investor confidence and potentially lead to increased institutional investments.