White House vetoes CLARITY Act provision prohibiting officials from having crypto conflicts of interest

Planet News: According to multiple sources, bipartisan members of the U.S. Congress attempted this week to include provisions in the to prevent cryptocurrency conflicts of interest for officials during their tenure, aiming to address Democratic concerns about Trump's crypto business profits. However, the White House vetoed the proposal on the evening of June 11, blocking bipartisan efforts to reach a compromise on this issue. The original intention of the clause was to restrict the president, vice president, congressional members, and their immediate family from controlling, promoting, or profiting from crypto projects during their term, and to attempt to borrow normative language from campaign finance and disclosure systems to reduce political sensitivity. The "Ban Trump from Crypto" amendment proposed by Democratic Representative Maxine Waters of the House Financial Services Committee was ultimately rejected 21:30. Sources say the White House is consulting with House Republicans on alternative language, hoping to advance the and stablecoin legislation before the July congressional recess for Trump to sign in August. However, uncertain Democratic support may affect the bill's ability to be sent to the Senate for review. According to , Trump has accumulated $3.3 billion through his crypto projects, raising his net worth to $5.6 billion. He and his family are currently involved in multiple projects including stablecoins, Bitcoin mining, ETFs, and DeFi. Democratic lawmakers question whether he may have used policy conveniences to profit from private projects during his tenure, increasing legislative difficulty. (Unchained)