U.S. Senate Banking Chair: Including Trump crypto sanction provisions in market-structure bill is inappropriate
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Summary
- Chair Tim Scott said it is inappropriate to include ethics provisions barring President Trump from digital-asset business activities in the cryptocurrency bill.
- He said the ethics dispute is not within the Senate Banking Committee’s jurisdiction and should be addressed by the Senate Ethics Committee.
- The Senate Banking Committee said it plans to vote this Thursday on the digital-asset market structure bill.
Tim Scott, chair of the U.S. Senate Banking Committee, said it would be inappropriate to include ethics provisions aimed at barring President Donald Trump from engaging in digital-asset (cryptocurrency) business activities in 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" and "should be handled separately by the Senate Ethics Committee." He added, "Discussion itself may be possible, but inserting it as-is into the cryptocurrency bill is far more difficult than expected."
The Senate Banking Committee is scheduled to hold a vote this Thursday on the Digital Asset Market Clarity Act, which would regulate the market structure for digital assets. The remarks are seen as drawing a line on the political and ethical issues raised ahead of deliberations, signaling an intent to keep the focus of market-structure legislation on refining the regulatory framework.
