U.S. Democrats are calling for ethical safeguards in crypto market structure legislation, Cointelegraph reported on Thursday.
Democratic lawmakers, including Senators Adam Schiff and Ruben Gallego, argued that the bill needs provisions banning public officials from profiting from the crypto industry. They stressed the need to prevent conflicts of interest involving government officials, including President Donald Trump.
Gallego warned that “ethical guidelines are essential” and that the bill would be difficult to pass without them. The bill, called the CLARITY Act, passed the House but is on hold in the Senate. Review has been delayed by a U.S. government shutdown and debate related to decentralised finance.
Under the draft bill, the U.S. Commodity Futures Trading Commission would gain greater authority to regulate digital assets. Democrats say they will block passage if the bill does not include ethics provisions.
Chi-kyu Hwang
delight@d-today.co.kr