White House rejects CLARITY Act restrictions on cryptocurrency conflicts of interest

PANews reported on June 14 that according to unchained, several people familiar with the matter revealed that bipartisan U.S. lawmakers proposed to add conflict of interest restrictions to the CLARITY Act (Crypto Market Structure Act) to prohibit senior politicians (such as the president, but also the vice president, members of Congress or their families) from engaging in cryptocurrency business while in office to address concerns about the use of cryptocurrency for profiteering. A person familiar with the matter said that both parties proposed wording similar to existing campaign funds and financial disclosure regulations in good faith, so as not to be seen as a direct condemnation of President Trump's many cryptocurrency business activities. However, the White House rejected the proposal at a critical stage of the negotiations, saying it would not accept the proposed wording of the CLARITY Act, and the negotiations stalled.