CRAZY TRUMP (TRUMP)

The CLARITY Act is supposed to finally establish clear rules for the crypto industry in the United States. It passed the House last year, and Senate market-structure legislation advanced through the Senate Banking Committee in May.

One of the biggest disputes is President Trump’s involvement in crypto. His latest financial disclosure showed more than $1.4 billion in income connected to ventures including World Liberty Financial and the $TRUMP memecoin. Democrats argue that elected officials shouldn’t be able to profit from crypto businesses while helping shape the laws governing the same industry.

Republicans introduced new ethics language, but Democrats say it still leaves major loopholes and doesn’t provide independent enough enforcement. Without Democratic support, the bill won’t have the 60 Senate votes needed to move forward.

Senate Majority Leader John Thune now says he doesn’t expect the bill to fully pass before the August recess. Once Congress leaves, midterm campaigning makes the remaining path much more difficult.

So here’s where things actually stand.

The president has built major personal crypto interests, and those interests have now become one of the biggest obstacles facing the most important crypto bill of the year.

That doesn’t mean the CLARITY Act is dead. It means the clean and fast path people were expecting is gone, and the final bill may require stronger ethics rules before it has enough support to become law.

🚨BREAKING: 🇺🇸 President Trump’s crypto activities are the BIGGEST OBSTACLE to PASSING the CLARITY ACT. https://t.co/YEy8PpC8kv

🚨 NEWS: Trump jokes about 4th term as $17 million in TRUMP tokens move onto exchanges

via @hardeyjumoh

https://t.co/TH738U9gCE