Donald Trump · US Congress · CLARITY Act · The Block
Sweeping legislation to regulate the cryptocurrency industry is years in the making, but the sector's biggest political champion
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As Congress barrels forward on passing legislation called the Clarity Act that would establish rules for digital assets and likely unleash a wave of institutional investment, Trump's expanding crypto empire is giving critics fresh reasons not to support the bill, with the issue becoming increasingly contentious ahead…
Key facts
- In a post on Truth Social, Trump vowed to "codify a FUTURE-PROOF Digital Asset Market Structure that cannot be undone by the Crypto Haters
- They don't want to bite the hand that feeds them,” Mark Hays, a senior policy analyst at Americans for Financial Reform (AFR), told The Block
- Bloomberg estimated that Trump and his family have made at least $1.4 billion from crypto-related projects since his inauguration
- Earlier this week in a research note, Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said that the Clarity Act is becoming less likely to pass this year as the political
Summary
Sweeping legislation to regulate the cryptocurrency industry is years in the making, but the sector's biggest political champion, President Donald Trump, may have also become one of its biggest political liabilities. Currently, the Clarity Act awaits a vote in the full Senate, leaving the bill hanging in the balance as lawmakers grapple with whether to include ethics provisions that would restrict elected officials from participating in digital asset ventures, a debate fueled in part by Trump's significant crypto business interests. Trump's 2024 election and embracing of crypto has been largely viewed as a major victory for the digital assets industry.