Clarity Act bars president from issuing crypto

• US lawmakers added new ethics rules to the Clarity Act.
• The changes would stop the president and senior officials from issuing digital assets.
• The proposal aims to reduce conflicts of interest in crypto policy.

US lawmakers approved changes to the Clarity Act that would stop the president, vice president and senior officials from issuing or promoting digital assets.

The changes came after lawmakers raised concerns about possible conflicts of interest involving public officials and cryptocurrency projects.

“This amendment ensures public officials cannot use their office for personal financial gain through digital assets,” lawmakers said during the debate.

The proposal would also apply to members of Congress, senior executive branch officials and their immediate families while they remain in office.

The updated Clarity Act will now move through the legislative process as lawmakers continue debating US cryptocurrency rules.

The Clarity Act aims to define whether digital assets should be regulated by the Securities and Exchange Commission or the Commodity Futures Trading Commission.

The latest amendment adds ethics rules to the broader crypto market structure bill as Congress considers new laws for the digital asset industry.