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Sweeping legislation to regulate the cryptocurrency industry is years in the making, but the sector's biggest political champion, President Donald Trump, may have also become one of its biggest political liabilities.
As Congress barrels forward on passing legislation called the Clarity Act that would establish rules for digital assets and likely unleash a wave of institutional investment, Trump's expanding crypto empire is giving critics fresh reasons not to support the bill, with the issue becoming increasingly contentious ahead of midterm elections in the fall.
Currently, the Clarity Act awaits a vote in the full Senate, leaving the bill hanging in the balance as lawmakers grapple with whether to include ethics provisions that would restrict elected officials from participating in digital asset ventures, a debate fueled in part by Trump's significant crypto business interests.
Trump's 2024 election and embracing of crypto has been largely viewed as a major victory for the digital assets industry. After years of clashes with Biden-era regulators, many executives viewed his pro-crypto stance as a pathway to friendlier rules and long-sought legislation.
Trump, however, besides supporting policy designed to encourage innovation across digital assets, has also benefited financially. Even before taking office, Trump launched a $TRUMP memecoin that brought in millions of dollars. Both he and his sons have also supported other ventures, including World Liberty Financial. Bloomberg estimated that Trump and his family have made at least $1.4 billion from crypto-related projects since his inauguration.
While the Clarity Act has faced other major headwinds, particularly banks lobbying against legislation that would allow crypto platforms like Coinbase to reward customers for stablecoin deposits, Trump's involvement in digital assets and the ethics concerns it raises has become a hot-button issue with some lawmakers demanding the Clarity Act restrict how politicians engage with digital assets.
Several crypto industry sources are reluctant to openly discuss whether Trump's personal crypto interests are complicating advancement of the Clarity Act. Many people either appear defensive about the idea outright, or express an unwillingness to touch the subject because of the political sensitivity.
The Senate could also be at fault because they decided not to take up the House's version, the source said. Over the past year, the Senate has pushed toward passing its versions, instead of the House's for a number of bills, including Clarity, a stablecoin law and housing
Last year, when the House was working to pass stablecoin legislation — the Genius Act — procedural votes kept getting stuck after some Republicans took issue with a provision to ban central bank digital currencies.
So this is kind of a larger macro issue, where the Senate takes a lot of the House's work, and then they either, quote, improve on it, or they change it or they tweak it — and they tell the House to stomach it," they added.
Either way, there is also concern within the crypto industry over political issues in a regulatory bill, the source said.
Earlier this week in a research note, Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said that the Clarity Act is becoming less likely to pass this year as the political environment worsens. Developments, including a deal barring the Internal Revenue Services from auditing past tax returns of Trump and his family, as well as a recent New York Times investigative report examining how prediction markets and crypto interests have pushed their agenda with the Commodity Futures Trading Commission, are not helping Clarity's chances, argued Seiberg.
It makes it politically hard for a Democrat to back a crypto bill unless it contains conflicts of interest standards that apply to the President," Seiberg said.
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