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CLARITY Act Hearing Live: Ethical Clause Amendment Rejected, Senate Sparks Conflict Over Interests
Odaily Planet Daily reports: The “Cryptocurrency Market Structure Act” (also known as the CLARITY Act) has begun review in the U.S. Senate Banking Committee.
During the process, a key amendment involving high-level government ethics constraints sparked intense conflict.
The amendment was proposed by Senator Chris Van Hollen and 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 speech, he stated that the clause is intended to prevent conflicts of interest and self-dealing, mentioning the connections between Trump, his family, and World Liberty Financial.
Senator Bernie Moreno opposed the amendment, believing that the criminal penalty provisions involved make it “not within the scope of the Banking Committee’s review” and more appropriate for the Judiciary Committee.
He also criticized Van Hollen’s references to “corruption,” stating that making criminal allegations against individuals without evidence is inappropriate.
Ultimately, the amendment was not passed, with 11 votes in favor and 13 votes against.