Crypto Clash in Congress: Senate Kills Bill Barring Politicians From Profiting on Crypto

The post Crypto Clash in Congress: Senate Kills Bill Barring Politicians From Profiting on Crypto appeared first on Coinpedia Fintech News

US Senator Jeff Merkley, a Democrat from Oregon, recently introduced an amendment to the “Outlaw Big and Beautiful Bill” (OBBB) to prevent elected officials from promoting or profiting from cryptocurrencies in which they have a financial stake. 

However, the approach did not go uncriticized as Senator Cynthia Lummis stood against it, saying it would inflict serious harm on American competitiveness, resulting in the failure of the amendment by a 47-53 vote. 

The Outlaw Big and Beautiful Bill Amendment Failed in the Vote

Senator Merkley’s amendment to prohibit elected officials from promoting or profiting from cryptocurrency tokens in which they have a financial interest was narrowly rejected in a 53-47 vote by the opposition.

Republican Senator Cynthia Lummis from Wyoming argued against this OBBB proposal, saying it could stifle the nation’s innovation and competitiveness. She also flagged that this could challenge the federal government’s ability to effectively understand and regulate digital assets. 

Why Jeff Merkley Amended the OBBB?

Merkeyley’s amendment seeks to establish clear guidelines for the behavior of public officials in relation to cryptocurrency, ensuring ethical procedures in the political framework. It raised concerns about potential conflicts of interest and misuse of public office for financial gain. He stated:

“The sale of crypto coins by any of us for the financial benefit is corrupting our responsibility to govern by and for the people.” 

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Merkley’s Fight Against Corruption: Stricter Law for the GENIUS ACT

Merkley said passing the GENIUS ACT without strong anti-corruption measures will automatically mean that Congress approves President Trump’s access to the government’s power for personal profit.  He added:

“I will keep fighting to ban Trump-style crypto corruption to prevent the sale of government policy by elected federal officials in Congress and the White House.”

Despite the defeat of the OBBB amendment, Merkley vowed to fight for ethical measures in political agendas. 

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