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Bloomberg: Trump’s crypto gains are the biggest obstacle to the Clarity Act

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ME News message, July 26 (UTC+8). The roughly $1.4 billion in profits Trump has earned through crypto business has become the biggest obstacle to the passage of the Clarity Act. This week, Senate Republicans released a draft aimed at breaking the months-long stalemate, but Democrats and consumer rights organizations immediately criticized that its moral provisions were not strong enough—unable to stop Trump and his family from continuing to profit from their crypto business. Trump needs the support of at least seven Democratic senators to pass the bill. Maryland Democratic senator Angela Alsobrooks said the moral provisions are “critical.” The controversy is centered on three aspects: the Department of Justice having sole enforcement power (excluding oversight by state attorneys general), whether the ethical limits cover Trump’s indirect holdings, and the bill not constraining officials’ children; the provisions would automatically expire on January 20, 2029. Democratic senator Ruben Gallego of Arizona and Republican senator Thom Tillis of North Carolina said they are studying a compromise proposal, but Senate Majority Leader John Thune said it is unlikely the bill will pass before the August recess. In addition, the banking industry also opposes the stablecoin yield provisions, fearing deposit outflows. Polymarket data shows the probability of the Clarity Act passing this year has dropped to about one-third. (Source: PANews)
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