Trump Family's $1 Billion Crypto Assets, Will They Stall the Passage of the US Crypto Bill?

▲ 도널드 트럼프(Donald Trump), WLFI/챗GPT 생성 이미지 ©

A crucial bill that will determine the fate of the US virtual asset industry is at risk of being shipwrecked after encountering a reef in the form of the vast crypto assets of President Donald Trump's family.

According to crypto media outlet Bitcoinist on April 28 (local time), the passage of the US crypto market structure bill, the Clarity Act, which has been pending in Congress since January, has entered a new phase due to a conflict over ethical regulations in the political sphere. This bill, which was initially delayed due to issues with stablecoin compensation, recently faced its biggest hurdle when Democrats declared they would completely block the bill's progress unless there was bipartisan agreement to restrict President Trump's involvement in virtual asset activities.

The reason this ethics debate has emerged as an urgent issue is that the Trump family's virtual asset business represents immense wealth exceeding $1 billion. Some in the progressive camp are expressing strong concerns and dissatisfaction, stating that a loose regulatory framework for the digital asset industry could directly inflate the private interests of the presidential family.

The White House has repeatedly clarified that there is no conflict of interest for the President, and Republican senators have also actively defended President Trump. However, both parties share a sense of crisis that if they lose congressional leadership, the long-cherished aspiration of the virtual asset industry to reorganize oversight authority among Wall Street regulators could effectively come to naught, and thus they keenly feel the need for compromise.

The complexity of the legislative process is also complicating the situation. Republican members of the Senate Banking Committee plan to push the Clarity Act in the coming weeks, but since ethics policy is outside the committee's jurisdiction, related language is not expected to be included in the scheduled bill review process.

Democratic Senator Ruben Gallego, who has supported the bill overall and led ethics negotiations, has stated unequivocally that there will be no final bill or progress without bipartisan agreement on ethics issues. He took a firm stance, emphasizing that a clear explanation of how ethics regulations will be addressed must precede the bill's submission to the floor, or at least its committee review.

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