Ben McKenzie and Senate Democrats oppose the CLARITY Act, arguing it lacks ethics provisions and could allow Trump to profit from crypto holdings while weakening state-level fraud enforcement.
Regulation & Gov ·
Ben McKenzie and Senate Democrats are opposing the CLARITY Act, arguing that its ethics provisions expire in 2029 and the bill does not require Trump to divest crypto holdings worth $1.4 billion of his $2 billion income last year. New York Attorney General Letitia James warned the legislation would limit states' ability to enforce against crypto fraud, reducing investor protections as scams continue to cost Americans billions annually. Senate Majority Leader John Thune has delayed the bill's consideration until at least September, with 60 votes needed for passage.