U.S. Senator: Without moral clauses, legislation on cryptocurrency market structure will not pass

BlockBeats News. On May 7, U.S. Senator Kirsten Gillibrand said at the Consensus conference that if the cryptocurrency market structure legislation does not include moral clauses, the bill will not pass a vote. She noted that members of Congress, government officials, and the President and Vice President must be prohibited from profiting from their insider identities in the crypto industry. Currently, several Democratic senators have expressed concerns about U.S. President Trump and his family’s crypto ties, with Bloomberg estimating that Trump has profited at least $1.4 billion through crypto venture capital.

The bill was previously blocked in the Senate due to issues with stablecoin reward handling, but a compromise has now been reached. However, ethical clauses have become a new obstacle. Gillibrand said she is working with the White House and both parties to ensure the relevant content is included, and is pushing to add consumer protection and anti-terror financing clauses. The bill is expected to pass before the August recess.