Republicans target Trump's crypto empire with new plan, Dems say it falls short
Senate Republicans want to rein in President Donald Trump’s income explosion since returning to the White House, but Democrats aren’t sold on how they’re going to do it.The Senate is...
By Fox News · Fox News
Senate Republicans want to rein in President Donald Trump’s income explosion since returning to the White House, but Democrats aren’t sold on how they’re going to do it. The Senate is on the cusp of moving landmark cryptocurrency legislation known as the Clarity Act that, if passed, proponents say would finally fold the novel currency into the nation’s web of financial regulations. Tucked away in the over 600-page package are a slate of ethics provisions that target Trump, the vice president and their spouses. The White House signed off on the provisions, and the architects of the bill say that the restrictions reach beyond just Trump and target lawmakers, too. GOP RIFT GROWS AS THUNE HITS BRAKES ON TRUMP'S ELECTION BILL TO AVERT SHUTDOWN But for now, it’s not enough for Senate Democrats. "Someone can call it an ethics provision," Sen. Elizabeth Warren, D-Mass., said. "But if it doesn't stop the president from profiting off of crypto, and using it as a way to take bribes right out in public. Then it's not really any expedition. The list of guardrails included preventing federal officials from creating their own digital currency for profit, promoting or endorsing crypto, creating a divestiture or blind trust requirement one year after enactment, allowing officials to own crypto and a disclosure of crypto sales. Sen. Cynthia Lummis, R-Wyo., who has led the effort on the Clarity Act, told Fox News’ Maria Bartiromo that the idea isn’t to "plan legislation around one person who holds one office for the next two years, but rather, over time, that will serve the House, the Senate, the judiciary, and the executive branch in a fair way." HOUSE GOP VOTES TO PUNT GOVERNMENT SHUTDOWN BATTLE TO AFTER NOVEMBER MIDTERMS "The struggle is, of course, a lot of Democrats are absolutely focused on one person, and that's President Trump," Lummis said. "So since President Trump actually agreed that he would have the choice to either put his assets in a blind trust, or divest of his part…