{"id":1830,"date":"2026-07-23T20:10:06","date_gmt":"2026-07-23T20:10:06","guid":{"rendered":"https:\/\/coasttocoastmoverss.com\/?p=1830"},"modified":"2026-07-23T20:10:06","modified_gmt":"2026-07-23T20:10:06","slug":"could-new-crypto-legislation-threaten-trumps-profits-probably-not-democrats-say","status":"publish","type":"post","link":"https:\/\/coasttocoastmoverss.com\/?p=1830","title":{"rendered":"Could New Crypto Legislation Threaten Trump\u2019s Profits? Probably Not, Democrats Say"},"content":{"rendered":"
\n

Surprising Fact<\/h2>\n

The language of the ethics rules bans public officials from using their name, image, likeness or official position for digital assets. However, it also contains a clause allowing digital asset issuers to continue using a public officials\u2019 likeness if it was issued before they took office. Trump issued his memecoin, $TRUMP, only three days before he took office. Forbes previously estimated<\/u> Trump made roughly $635 million from the coin in 2025, and about $800 million through the crypto company World Liberty Financial. Trump and his family own a roughly 40% stake<\/u> in the company, which issues its own cryptocurrency token. The company previously netted<\/u> the president about $57.4 million the year before.<\/p>\n

Read more Tesla\u2019s Worst Day In A Year Cuts Elon Musk\u2019s Net Worth By $18 Billion<\/a><\/p>\n

Crucial Quote<\/h2>\n

Sen. Angela Alsobrooks, D-Md., one of the Democrats who voted to advance the bill out of committee earlier this year, told reporters she would not support the current version. Speaking at a Semafor<\/u> conference on Wednesday, Alsobrooks said handing enforcement over to the Justice Department was \u201cwild and unserious and stone crazy,\u201d adding, \u201cit\u2019s an absolute that we cannot completely rely on the DOJ, given what we\u2019ve seen of their inability and their unwillingness to enforce the law.\u201d Instead, Alsobrooks suggested empowering state-level attorneys general to enforce the rules. Later on Wednesday, Alsobrooks was one of seven Senate Democrats who signed a statement<\/u> insisting the current draft of the Clarity Act \u201cfalls short,\u201d specifically citing the ethics language as one of their chief concerns.<\/p>\n

Chief Critic<\/h2>\n

Sen. Elizabeth Warren, D-Mass., the ranking member on the Senate Banking, Housing and Urban Affairs Committee, slammed the Republicans\u2019 proposed draft, insisting it \u201cdoes nothing\u201d to prevent Trump from further profiting from crypto. A statement<\/u> from the Massachusetts senator\u2019s office said the new draft was \u201criddled with major loopholes\u201d and would effectively allow Trump to continue making money through World Liberty Financial.<\/p>\n

Read more Trump Won\u2019t Intervene In Andrew Tate Extradition Process, Leavitt Says<\/a><\/p>\n

<\/div>\n

Contra<\/h2>\n

Sen. Cynthia Lummis, R-Wyo., whose office released the text of the new draft on Wednesday, defended the language in another statement, insisting \u201cno president in American history has voluntarily agreed to self-imposed, substantive ethics limits like President Trump has.\u201d In a attached to the statement, Lummis argued a sunset for the ethics rules was put in place to highlight the fact that Trump was holding himself accountable, insisting \u201cthis is a standard President Trump chose to hold himself to, not one Congress imposed on him.\u201d<\/p>\n

What to Watch For<\/h2>\n

The Senate only has days to move forward with a vote on the Clarity Act before Congress leaves for its August recess. No Democrats have come out on record supporting the bill so far, making it unlikely it would reach the 60 votes needed to advance.<\/p>\n

Read more Trump Considering Iran Attack \u2018Bigger Than Ever Before\u2019<\/a><\/p>\n

Further Reading<\/h2>\n

Forbes<\/span>Trump Is Making Three Times As Much In White House As He Did In Business<\/span>By Dan Alexander<\/span><\/small><\/span><\/span>Forbes<\/span>\u2018I\u2019m Now Broke\u2019: Meet The Investors Who Lost Billions Buying Trump Stocks And Crypto<\/span>By Dan Alexander<\/span><\/small><\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

New crypto ethics rules for politicians were approved by Republicans, but Democrats object to the Justice Department\u2019s role in enforcing them.<\/p>\n","protected":false},"author":1,"featured_media":1829,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news"],"yoast_head":"\nCould New Crypto Legislation Threaten Trump\u2019s Profits? 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