According to BlockBeats, on May 15, U.S. Senator Van Hollen proposed an amendment to the CLARITY Act Banking Committee, which would prohibit the president and members of Congress from acting as issuers of crypto assets and require those involved to increase transparency in their disclosures.
Van Hollen stated that the Trump family has profited billions of dollars through crypto projects, including deals with the UAE royal family—after which Trump subsequently eased restrictions on chip and AI exports to the UAE. He also pointed out that the Trump family's Meme coin sales resulted in retail investors losing a total of $4.3 billion, while Trump himself profited regardless of market fluctuations.
Republican Senator Bernie Moreno countered that the amendment falls under the jurisdiction of the Judiciary Committee, not the Banking Committee.
The amendment was rejected with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Act (CLARITY Act) is currently undergoing clause-by-clause debate on the amendment.
