Topline<\/p>\n
New Trump-approved draft language in the cryptocurrency bill known as the Clarity Act would temporarily ban public officials or employees from issuing or sponsoring cryptocurrencies until 2029\u2014but the new bill still faces steep opposition from Democrats.<\/p>\n
New crypto ethics rules for politicians were approved by Republicans, but Democrats object to the Justice Department\u2019s role in enforcing them.<\/p>\n
Getty ImagesKey Facts<\/p>\n
A new draft<\/a> of the 600-plus page Clarity Act, obtained by multiple<\/a> outlets<\/a>, would enforce new ethics rules on public officials around cryptocurrency\u2014in particular, banning officials, as well as their spouses or employees, from issuing or sponsoring any \u201cdigital asset\u201d while they are serving in the role.<\/p>\n The bill would also bar companies from listing a digital asset issued or sponsored by public officials, and require politicians to place their earlier crypto assets in a blind trust or divests them during their term in office.<\/p>\n The language could potentially bar President Donald Trump from further cashing in on his crypto businesses, which netted him an estimated $1.4 billion<\/a> last year.<\/p>\n The White House has previously indicated Trump would still sign a bill with the Republican-authored ethics provision, calling it in a statement to CoinBase<\/a> \u201cthe most comprehensive and wide-ranging ethics provision in history.\u201d<\/p>\n However, the bill would also task the attorney general with enforcing the ethics rules and bar state attorneys generals from enforcing the rules, and congressional Democrats have signaled they would not support handing enforcement over to the current Justice Department.<\/p>\n The ethics provision is also scheduled to sunset in 2029, removing the restrictions in less than three years.<\/p>\n Crucial Quote<\/p>\n Sen. Angela Alsobrooks, D-Md., one of the Democrats who voted to advance the bill out of committee earlier this year, told reporters she would not support the current version. Speaking at a Semafor<\/a> conference on Wednesday, Alsobrooks said handing enforcement over to the Justice Department was \u201cwild and unserious and stone crazy,\u201d adding, \u201cit\u2019s an absolute that we cannot completely rely on the DOJ, given what we\u2019ve seen of their inability and their unwillingness to enforce the law.\u201d Instead, Alsobrooks suggested empowering state-level attorneys general to enforce the rules.<\/p>\n What to Watch For<\/p>\n The Senate only has days to move forward with a vote on the Clarity Act before Congress leaves for its August recess. No Democrats have come out on record supporting the bill so far, making it unlikely it would reach the 60 votes needed to advance.<\/p>\n Further ReadingForbesTrump Is Making Three Times As Much In White House As He Did In BusinessBy Dan Alexander<\/a>Forbes\u2018I\u2019m Now Broke\u2019: Meet The Investors Who Lost Billions Buying Trump Stocks And CryptoBy Dan Alexander<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Topline New Trump-approved draft language in the cryptocurrency bill known as the Clarity Act would temporarily ban public…\n","protected":false},"author":2,"featured_media":554617,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,85,46],"class_list":["post-554616","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/554616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=554616"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/554616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/554617"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=554616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=554616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=554616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}