U.S. Lawmakers Submit Multiple Amendments to Cryptocurrency Market Structure Bill, Including Ban on Digital Asset Trading by President and Others

Odaily News: Ahead of next week's hearing, debate, and vote on the cryptocurrency market structure bill by the Senate Agriculture Committee, Democratic lawmakers have submitted several proposed amendments to the bill.

One of the amendments aims to incorporate the "Digital Asset Ethics Act" into the bill. This amendment would prohibit "covered persons" such as the President, Vice President, and members of Congress from engaging in certain financial transactions involving digital assets. Bloomberg previously estimated that Trump has made approximately $1.4 billion in profits from his cryptocurrency investments, including investments in DeFi and the stablecoin project World Liberty Financial. The Trump family also holds a 20% stake in the mining company American Bitcoin.

Other amendments include provisions aimed at preventing "digital asset kiosks" from conducting fraudulent transactions; and requiring a delay in the effective date of future cryptocurrency legislation until at least four Commodity Futures Trading Commission (CFTC) commissioners are appointed. As the CFTC currently has only one commissioner, with a maximum of five allowed, this issue has been a point of contention for some lawmakers. (The Block)