U.S. Senate Banking Chair: Including Trump crypto sanctions provisions in market-structure bill is inappropriate
Summary
- Scott said it is inappropriate to include ethics rules aimed at barring Trump from digital-asset (cryptocurrency) businesses in a cryptocurrency bill.
- He said the ethics dispute is outside the Senate Banking Committee’s jurisdiction and should be handled separately by the Senate Ethics Committee.
- The Senate Banking Committee is set to vote Thursday on the Digital Asset Market Clarity Act, and the remarks suggest the market-structure legislation will focus on overhauling the regulatory framework.
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Tim Scott, chairman of the U.S. Senate Banking Committee, said it would be inappropriate to fold ethics rules aimed at barring President Donald Trump from involvement in digital-asset (cryptocurrency) businesses into the cryptocurrency legislation currently being advanced.
In an interview with CoinDesk on the 14th (local time), Scott said the ethics dispute "falls outside the jurisdiction of the Senate Banking Committee," adding that it "should be handled separately by the Senate Ethics Committee." He added, "We can discuss it, but inserting it as-is into a crypto bill is far more difficult than people expect."
The Senate Banking Committee is set to hold a vote Thursday on the Digital Asset Market Clarity Act, which would govern the market structure for digital assets. The remarks are seen as drawing a line around the political and ethical issues raised ahead of deliberations, signaling that the market-structure legislation will keep its focus on overhauling the regulatory framework.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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