The amendment to the “CLARITY Act” that would prohibit the U.S. President and lawmakers from issuing cryptoassets was rejected.

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BlockBeats News, May 15th, U.S. Senator Van Hollen proposed an amendment during the Senate Banking Committee review of the CLARITY Act, requiring a ban on the President and members of Congress from serving as issuers of crypto assets, and demanding increased transparency disclosures from related personnel.

Van Hollen stated that the Trump family has profited billions of dollars through crypto projects, including transactions with the UAE royal family — and that Trump subsequently eased restrictions on UAE chip and AI exports. He also pointed out that the Trump family’s meme coin sales have caused retail investors to lose a total of $4.3 billion, while Trump himself can profit regardless of market fluctuations.

Republican Senator Bernie Moreno countered that the amendment falls under the jurisdiction of the Judiciary Committee, not the Banking Committee.

The amendment was rejected with 11 votes in favor and 13 votes against. The “Cryptocurrency Market Structure Act” (the CLARITY Act) is currently voting on each proposed amendment.

TRUMP-6.05%
MEME-7.08%
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