Crypto bill won't move without a ban on officials' industry ties, says U.S. Senator Gillibrand
U.S. Senator Gillibrand declared the Digital Asset Market Clarity Act cannot pass the Senate without an ethics provision banning senior officials from crypto holdings. The requirement, targeting President Trump's business interests, remains a major negotiation sticking point. A final vote could occur by early August if Democrats and Republicans resolve consumer protection and anti-money laundering disputes this week.
Key takeaways
- 1Senator Gillibrand says the Digital Asset Market Clarity Act cannot pass Senate without an ethics provision banning senior officials from crypto holdings.
- 2Democrats and Republicans must resolve consumer protection, anti-money laundering, and ethics disputes by next week for a Senate Banking Committee hearing.
- 3A final Senate vote could occur in early August if negotiations succeed, marking the last chance before Congress pivots to midterm elections.
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Why it matters
U.S. crypto regulation directly impacts global markets including Indian retail investors' access to international exchanges and crypto policy precedent. The stalled Clarity Act creates regulatory uncertainty that delays institutional adoption and market maturation worldwide.
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