Trump Will Be Banned from Making Money from Cryptocurrency

U.S. President Donald Trump has expressed support for the ethical restrictions set forth in the Clarity Act. The bill prohibits the president, vice president, members of Congress, and other federal officials from profiting from crypto assets while in office.

The full text of the bill is expected to be released in the coming days. The Senate plans to hold a vote by the first week of August, after which the bill could be sent to Trump for his signature.

The initiative is particularly telling given the president’s own involvement in cryptocurrency. According to preliminary estimates, Trump has earned over a billion dollars from cryptocurrency over the past year.

The Clarity Act has become part of a broader discussion about conflicts of interest in American politics. Critics have long pointed out that officials who make decisions regarding the regulation of the crypto market should not simultaneously have a financial stake in its development.

If the bill is passed and signed into law, it will become one of the world’s first legislative precedents addressing crypto conflicts of interest at the highest level of government.