Scoop: Progressives scorch Gillibrand over crypto
Summary
Progressive groups criticized Senator Kirsten Gillibrand for her connections to the crypto industry as she tries to help pass the CLARITY Act, a bill to regulate cryptocurrencies. The bill aims to set rules for crypto ethics, but disagreements remain, especially about ethics provisions, as negotiations continue among Democrats, Republicans, and the White House.Key Facts
- Progressive groups like Indivisible and Demand Progress sent a critical letter to Democratic senators about Gillibrand’s role in crypto legislation.
- They argue Gillibrand’s son's involvement in crypto creates a conflict that weakens efforts to criticize President Trump’s crypto-related profits.
- President Trump’s crypto ventures earned about $600 million, raising concerns about conflicts of interest.
- Gillibrand supports banning elected officials and their spouses from creating or promoting digital currencies.
- The CLARITY Act requires 60 Senate votes to pass and is important to Republicans, the White House, and the crypto industry.
- Senators Bernie Moreno and Cynthia Lummis are working with the White House on compromise language for the bill’s ethics rules.
- The crypto industry has a super PAC called Fairshake, which has about $125 million to influence politics and support lawmakers.
- The bill passed the Senate Banking Committee in May with bipartisan support but still faces tough negotiations.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
