As the crypto market structure bill advances to its final stages, U.S. Democratic senators introduced a few amendments to the bill. Among the many changes demanded, Senator Michael Bennet’s inclusion of the Digital Asset Ethics Act into the crypto market structure legislation, which seeks to prevent US officials from profiting from the crypto market, stood out.
“The push for the Digital Asset Ethics Act is coming from real concerns, not hypotheticals. We’ve seen members of the current administration linked to crypto businesses like World Liberty Financial and to token launches where holders were offered special access.”
Analyst Lavneet Bansal
Further digging into the matter, he stated that even if these activities are legal, they blur the line between public office and private gain. The amendments are an attempt to set clear boundaries before crypto becomes further embedded in policymaking.
When Democrats were trying to streamline the bill, Patrick Witt, the executive director of the president’s advisory council, stated, “No bill is better than a bad bill.”
Backing his statement, Witt mentioned that President Trump’s victory and the pro-crypto administration assembled by the president remove the need for a crypto market structure bill, which sets the line between the responsibilities of the Securities Exchange Commission and the Commodity Futures Trading Commission.
Witts’s comment comes out as if they introduced the bill more as the situation favors them rather than as a necessity. In his tweet, he mentioned,
“So, do we take advantage of the opportunity to pass a bill now, with a pro-crypto President, control of Congress, excellent regulators at the SEC and CFTC to write the rules, and a healthy industry? Or do we fumble the ball and allow Dems to write punitive legislation in the wake of a future financial crisis à la Dodd-Frank?
You might not love every part of the CLARITY Act, but I can guarantee you’ll hate a future Dem version even more.”
