Senate Crypto Bill Bars Presidents From Issuing Tokens, With $250,000-a-Day DOJ Penalties
Updated
Updated · CNBC · Jul 22
Senate Crypto Bill Bars Presidents From Issuing Tokens, With $250,000-a-Day DOJ Penalties
3 articles · Updated · CNBC · Jul 22
Summary
Senate Republicans updated the Clarity Act to ban presidents and other federal officials from issuing or sponsoring cryptocurrencies and other digital assets, adding the first explicit limits on presidential crypto profits.
A Justice Department-enforced ethics section would allow fines of up to $250,000 per day, and Sen. Bernie Moreno said President Donald Trump signed off on the provision.
The change lands after disclosures showed Trump made about $1.2 billion in crypto-related income in his first year back in office, including roughly $580 million tied to World Liberty Financial.
Democratic support remains uncertain because some senators, including Angela Alsobrooks, oppose leaving enforcement solely to DOJ and want state attorneys general as a backstop.
John Thune said the Senate could vote within weeks on the broader market-structure bill, which crypto firms such as Coinbase and Ripple have pushed as a national regulatory framework.