Summary
- Democratic senators said they submitted an amendment to the crypto market structure bill to include the Digital Asset Ethics Act, limiting public officials’ pursuit of private gain tied to digital assets.
- Sen. Amy Klobuchar said she proposed delaying implementation of the bill until all Commodity Futures Trading Commission (CFTC) commissioners are appointed.
- Some senators said they submitted an amendment to include the Credit Card Competition Act, taking into account competitive dynamics with the digital-asset payments landscape.
Democrats have introduced amendments to a crypto market structure bill under discussion in the US Senate, putting ethics concerns front and center. The move simultaneously targets public officials’ crypto-related conflicts of interest and regulatory gaps.
According to Cointelegraph on the 24th (local time), Democratic senators submitted multiple amendments ahead of a vote on the Senate Agriculture Committee’s crypto market structure bill. The amendments focus on preventing US public officials from deriving private gain from the crypto industry.
One of the key proposals, introduced by Sen. Michael Bennet, would incorporate the “Digital Asset Ethics Act” into the market structure bill. The provision would restrict the president, senior officials, and members of Congress from profiting through certain financial transactions involving digital assets.
Democratic lawmakers, including Sen. Elizabeth Warren, have repeatedly raised concerns that President Donald Trump amassed substantial wealth while being involved in crypto ventures such as World Liberty Financial. Democrats argue that such entanglements could undermine the fairness of the crypto regulatory debate.
Other amendments were also filed. Sen. Amy Klobuchar proposed delaying implementation of the bill until all Commodity Futures Trading Commission (CFTC) commissioners are appointed. The CFTC currently has only one sitting commissioner, Chair Michael Selig, with the remaining four seats vacant.
Separately, some senators submitted an amendment to include the Credit Card Competition Act, which would curb exclusive contracts in credit card networks. The provision is seen as taking into account competitive dynamics with the digital-asset payments landscape.
The vote had originally been scheduled for the 15th, but was postponed due to disagreements over stablecoin rewards regulation and DeFi-related provisions. At the time, Coinbase withdrew its support for the bill, halting discussions. With heavy snowfall forecast for the Washington area as well, there is growing speculation that this week’s vote could be delayed again.
