Senator: Senate Will Not Pass Crypto Bill Without Ethics Clause

Odaily reports, Senator Kirsten Gillibrand stated at the Consensus conference that cryptocurrency market structure legislation will not receive a floor vote unless it includes an ethics clause. Gillibrand pointed out that it is necessary to prohibit members of Congress, senior government officials, and the President and Vice President from using their insider positions to profit in the crypto industry. Currently, multiple Democratic senators have expressed concerns about President Trump and his family's crypto connections. Bloomberg estimates that Trump has already profited at least $1.4 billion through crypto ventures. The bill had previously stalled in the Senate over issues related to stablecoin reward handling. While a compromise has now been reached, the ethics clause has become a new obstacle. Gillibrand stated that she is working with the White House and both parties to ensure the clause is included, and is also pushing for the addition of consumer protection and anti-terrorism financing provisions. The bill is expected to pass before the August recess.