Trump's Crypto Earnings Spark Conflict of Interest Hurdle for US CLARITY Act

The bipartisan negotiations over the US crypto bill CLARITY Act have hit a snag due to President Donald Trump's conflict of interest. The latest Republican proposal was rejected by Democrats, with Senator Elizabeth Warren giving the president a five-day deadline to disclose his financial information.

Warren pointed out that Trump had approximately $1.4 billion in crypto-related earnings, which he is not obligated to file until May 15, 2027. However, lawmakers need up-to-date information now as they review potential conflicts of interest.

The CLARITY Act aims to bring clear rules to the US digital asset market by statutorily defining which digital assets qualify as securities and which are classified as commodities. The bill has already passed the House and was approved by the Senate Banking Committee, but a vote in the full Senate requires 60 votes.

Representative Bryan Steil expressed optimism that Senate passage could happen as early as next week, while former House Financial Services Committee Chairman Patrick McHenry characterized the CLARITY Act as 'the crypto version of the Telecommunications Act of 1996.'