Donald Trump · US Senate · The Block
Updated Senate Banking Committee bill tackles stablecoin rewards, DeFi but sidesteps Trump’s crypto conflicts of interest
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A fix to the ongoing discussions around stablecoin rewards and language on protecting software developers is in updated legislative text from the Senate Banking Committee, but one growing issue remains absent: how to address President Donald Trump-linked conflicts of interest.
Key facts
- At about midnight on Monday, the Senate Banking Committee released its 309-page Clarity Act, which the committee's Chair Tim Scott, R-N.C., said showed "good-faith work" among lawmakers
- In one year in office, the President and his family have raked in at least $1.4 billion in gains from crypto deals alone, and yet this bill stunningly includes zero provisions to prevent
- Senator Alsobrooks is still negotiating in good faith with her Republican colleagues to get to a bipartisan markup on Thursday," the spokesperson told The Block
- On Monday night, top Democrat of the Senate Banking Committee Elizabeth Warren said the bill would "turbocharge Donald Trump's crypto corruption" and put the financial system and national security
Summary
At about midnight on Monday, the Senate Banking Committee released its 309-page Clarity Act, which the committee's Chair Tim Scott, R-N.C., said showed "good-faith work" among lawmakers. "This bill reflects serious, good-faith work across the Committee and delivers the certainty, safeguards, and accountability Americans deserve," said Scott. "Now it is time to move forward," Scott added. Later this week, the Senate Banking Committee is slated to hold a markup to amend and vote on a broad crypto market structure bill, regulating the industry comprehensively at the federal level for the first time.