Amendment to Ban U.S. Presidents and Lawmakers from Issuing Crypto Assets Rejected

KuCoinFlash

Release Time: 05/14/2026 16:26:35

Summary

On May 15, U.S. Senator Van Hollen proposed an amendment to the CLARITY Act that would prohibit presidents and lawmakers from issuing crypto assets and enhance transparency. The amendment referenced Trump’s alleged $10 billion in crypto profits and $4.3 billion in retail investor losses from meme coin sales. Republican Senator Bernie Moreno argued the matter falls under the jurisdiction of the Judiciary Committee, not Banking. The amendment failed by a vote of 11–13. The crypto market remains volatile, with the Fear & Greed Index reflecting mixed sentiment as the CLARITY Act continues its逐条表决 debate.

BlockBeats report, on May 15, U.S. Senator Van Hollen proposed an amendment during the Banking Committee's review of the CLARITY Act, requiring a ban on the president and members of Congress from serving as issuers of crypto assets and mandating increased transparency and disclosure from relevant parties.

Van Hollen stated that the Trump family has earned billions of dollars through cryptocurrency projects, including deals with the UAE royal family—after which Trump eased restrictions on UAE chip and AI exports. He also noted that the Trump family’s meme coin sales have resulted in cumulative losses of $4.3 billion for retail investors, while Trump himself profits regardless of market fluctuations.

Republican Senator Bernie Moreno countered that the amendment falls under the jurisdiction of the Judiciary Committee, not the Banking Committee.

The amendment was rejected with 11 votes in favor and 13 votes against. The Crypto Market Structure Act (also known as the CLARITY Act) is currently undergoing line-by-line debate and voting on amendments.

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