Donald Trump earned over $1.4 billion from cryptocurrency businesses in 2025, and the CLARITY Act has been identified as having five major flaws
2026-08-10 02:45
Odaily Planet Daily News On August 5, the minority staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs stated that the July 22 version of the CLARITY Act fails to meet five minimum standards. The bill, numbered H.R. 3633, aims to divide digital asset regulatory authority between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).
The analysis indicates that the bill's two-tier system could allow certain blockchain assets to escape SEC oversight, with issuing companies able to self-certify exemptions from securities regulation. Healthy Markets and five labor organizations have expressed concerns over pension protections and securities law loopholes, while minority staff also noted that investors' private rights of action and state and tribal enforcement powers could be weakened.
Minority staff stated that DeFi-related companies could be exempt from anti-illegal financing obligations even if they earn millions of dollars from platform transactions, and some crypto mixers could circumvent U.S. sanctions by exploiting the "Tornado Cash loophole." The Independent Community Bankers of America (ICBA) and the Conference of State Bank Supervisors (CSBS) warned that stablecoin yields could siphon deposits away from community banks, while the Systemic Risk Council has flagged related banking activities as a potential bailout risk.
Minority staff stated that Donald Trump earned over $1.4 billion from cryptocurrency businesses in 2025 alone, with enforcement handled solely by his Attorney General, and that obligations would cease upon his departure from office. Elizabeth Warren and Richard Blumenthal, citing investor losses of $3.8 billion, have separately called on the SEC to investigate Trump memecoin. The Senate is scheduled to hold a cloture vote on the motion to proceed on September 15, with the bill needing 60 votes to advance. (Bitcoin.com News)
The analysis indicates that the bill's two-tier system could allow certain blockchain assets to escape SEC oversight, with issuing companies able to self-certify exemptions from securities regulation. Healthy Markets and five labor organizations have expressed concerns over pension protections and securities law loopholes, while minority staff also noted that investors' private rights of action and state and tribal enforcement powers could be weakened.
Minority staff stated that DeFi-related companies could be exempt from anti-illegal financing obligations even if they earn millions of dollars from platform transactions, and some crypto mixers could circumvent U.S. sanctions by exploiting the "Tornado Cash loophole." The Independent Community Bankers of America (ICBA) and the Conference of State Bank Supervisors (CSBS) warned that stablecoin yields could siphon deposits away from community banks, while the Systemic Risk Council has flagged related banking activities as a potential bailout risk.
Minority staff stated that Donald Trump earned over $1.4 billion from cryptocurrency businesses in 2025 alone, with enforcement handled solely by his Attorney General, and that obligations would cease upon his departure from office. Elizabeth Warren and Richard Blumenthal, citing investor losses of $3.8 billion, have separately called on the SEC to investigate Trump memecoin. The Senate is scheduled to hold a cloture vote on the motion to proceed on September 15, with the bill needing 60 votes to advance. (Bitcoin.com News)
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