Democratic leaders on key committees considering crypto market structure legislation are reportedly drawing a line in the sand over elected officials profiting off the industry.
A number of Democratic lawmakers in the US Senate are reportedly pushing for conflict-of-interest guardrails in a crypto market structure bill under consideration.
According to a Thursday report from Punchbowl News, Senate Democrats including Adam Schiff and Ruben Gallego demanded safeguards in the Republican-led Responsible Financial Innovation Act (RFIA) which would affect how US regulatory agencies and the government handles digital assets. The lawmakers reportedly pushed for provisions prohibiting public officials, including US President Donald Trump, from profiting from any connections to crypto companies.
“It is a red line,” Gallego told Punchbowl on the ethics guardrails. “They need to get it right, or they’re not going to have enough votes to pass this.”
