CLARITY Act Stalled as Trump's Entry into Crypto Space Prompts House Inquiry

On June 5th, as reported by The Block, while the U.S. House Financial Services Committee was deliberating on the "Crypto-Currency Act of 2020" (CLARITY), some Democratic lawmakers raised questions about President Trump's involvement in cryptocurrency. They suggested that this could lead to a conflict of interest and hamper legislative progress. The 236-page bill intends to clarify the regulatory responsibilities of the SEC and the CFTC in the crypto market and requires companies to disclose information and segregate customer funds. Although the bill has gained some Democratic support, Democratic lawmakers are demanding the addition of conflict of interest provisions and threatening to oppose it otherwise. The committee is anticipated to continue its deliberations next week.