Democrats Raise Conflict of Interest Concerns Over Trump Amid SEC Regulatory Push in Bitcoin Legislation

COINOTAG News reports that the U.S. House Financial Services Committee is actively reviewing the comprehensive Crypto-Currency Act of 2020 (CLARITY), a 236-page legislative proposal designed to delineate regulatory oversight between the SEC and CFTC within the evolving cryptocurrency sector. The bill mandates enhanced transparency measures, including mandatory disclosures and strict segregation of customer funds, aiming to bolster investor protection and market integrity. However, during deliberations, several Democratic lawmakers raised concerns regarding potential conflicts of interest linked to former President Trump’s cryptocurrency engagements, emphasizing the need for explicit conflict of interest clauses to ensure unbiased regulatory enforcement. While the bill has garnered partial Democratic backing, opposition persists unless these provisions are integrated. The committee is scheduled to resume discussions next week, signaling ongoing efforts to establish a clear regulatory framework that balances innovation with robust compliance in the crypto industry.