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

Odaily Planet Daily News: The deliberation of the "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act) has commenced in the U.S. Senate Banking Committee. A fierce conflict erupted over a key amendment concerning ethical constraints on high-level 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 intended to prevent conflicts of interest and self-dealing, and mentioned the connection between Trump, his family, and World Liberty Financial.

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