CLARITY Act Hearing Live: Ethics Amendment Rejected, Senate Clashes Over Conflicts of Interest

Odaily reported that the review of the Crypto Market Structure Act (i.e., the CLARITY Act) has commenced before the U.S. Senate Banking Committee, during which a fierce clash erupted over a key amendment involving ethical constraints on senior government officials. The amendment, proposed by Senator Chris Van Hollen, aims 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 referenced Trump and his family’s ties to World Liberty Financial.

Senator Bernie Moreno opposed the amendment, arguing that its inclusion of criminal penalty provisions made it "outside the scope of the Banking Committee’s jurisdiction" and more suitable for handling by the Judiciary Committee. He also criticized Van Hollen's use of the term "corruption," stating that making criminal allegations against relevant individuals without evidence was inappropriate. Ultimately, the amendment failed to pass with 11 votes in favor and 13 against.