Senator Cynthia Lummis leads a new bill to prevent presidents from issuing or sponsoring cryptocurrency to ensure ethical governance.
Senator Cynthia Lummis is sponsoring the Clarity Act, a new piece of legislation designed to regulate the digital asset market and limit how presidents profit from cryptocurrency. The bill would grant the Department of Justice the authority to enforce these limits, with the power to levy fines of up to $250,000 per day for violations. The administration approved the ethics section of the bill, which addresses the significant crypto-related income President Trump earned during his first year back in the White House. During this period, President Trump earned approximately $1.2 billion in crypto proceeds, including $580 million from World Liberty Financial. While Senate Majority Leader John Thune expects a quick vote on the measure, some Democrats have expressed concern over the Department of Justice's role in oversight. Senator Angela Alsobrooks argued that state attorneys general would be more reliable than the Department of Justice for enforcement. Meanwhile, the banking industry warned that the bill could potentially risk local lending activities.