CLARITY Bill Hearing Live: Ethics Amendment Rejected, Senate Clashes Over Conflict of Interest Issues

Odaily reports that the review of the "Cryptocurrency Market Structure Bill" (the CLARITY Act) has begun in the U.S. Senate Banking Committee, sparking intense conflict over a key amendment concerning ethical constraints on senior government officials. Proposed by Senator Chris Van Hollen, the amendment aimed to prohibit senior government officials, including the President and Vice President, from having commercial interests in the crypto industry and to strengthen transparency requirements. In his remarks, he stated that the provision was designed to prevent conflicts of interest and self-dealing, and specifically mentioned the connection between Trump, his family, and World Liberty Financial.

Senator Bernie Moreno opposed the amendment, arguing that it includes criminal penalty clauses, making it "outside the scope of the Banking Committee's review" and more suitable for the Judiciary Committee. He also criticized Van Hollen's use of the term "corruption," stating that making criminal accusations against individuals without evidence was inappropriate. Ultimately, the amendment was rejected with 11 votes in favor and 13 against, failing to pass.