US Senator: Comprehensive Crypto Markets Structure Bill Will Not Pass Without Ethics Clauses

CoinFeed reported on May 7th that, according to The Block, New York Senator Kirsten Gillibrand warned at the Consensus conference that a comprehensive cryptocurrency market structure bill would not be reached without an ethics clause. She emphasized that members of Congress, senior administration officials, the president, or the vice president should not be allowed to profit from these industries due to their insider status. The handling of stablecoin rewards had been a major obstacle to the bill's progress, and Gillibrand stated that a compromise had been reached between senators from both parties, clearing the way for committee consideration this month. However, the ethics clause has become a new stumbling block. The Senate Agriculture Committee previously advanced its version without Democratic support, precisely because of Trump's crypto interests. Gillibrand is working with both parties and the White House to ensure the inclusion of an ethics clause, otherwise the bill will not move forward.