WASHINGTON — U.S. Senator Maggie Hassan (D-NH) released the following statement on the Senate’s vote today on the Clarity Act:
“As cryptocurrency usage grows, so does the need for Congress to establish strong legal standards that protect consumers, public safety, and our national security. I support establishing a regulatory framework that reduces uncertainty for this technology to help our businesses and startups grow. At the same time, any new standards need to also include an ironclad ban that prevents elected officials from issuing and profiting off their own cryptocurrencies. This issue is not theoretical — President Trump made more than $1 billion from crypto-related holdings last year, according to his own financial disclosure. This bill’s ethics standards are a step in the right direction, but unfortunately its enforcement mechanism includes a loophole that President Trump will drive a truck through. The bill essentially gives President Trump’s administration the ability to waive enforcement against him. Because this bill fails to crack down on President Trump’s galling corruption, I cannot support it today.”
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