Trump Family's $1 Billion Crypto Assets, Will They Stall the Passage of US Virtual Asset Bill?

▲ Donald Trump, WLFI/ChatGPT-generated image ©

A critical bill that will determine the fate of the US virtual asset industry is on the verge of being shipwrecked, encountering the reef of President Donald Trump's family's massive crypto assets.

According to cryptocurrency media outlet Bitcoinist on April 28 (local time), the passage of the US crypto market structure bill, the Clarity Act, which has been pending in Congress since January, has entered a new phase due to a clash over ethical regulations in political circles. This bill, initially delayed by issues concerning stablecoin compensation, recently faced its biggest hurdle when Democrats declared they would completely block its progress without bipartisan agreement to restrict President Trump's involvement in virtual asset activities.

The reason this ethics debate has emerged as an urgent issue is that the Trump family's virtual asset business represents immense wealth exceeding $1 billion. Some in the progressive camp are expressing strong concerns and dissatisfaction, arguing that a loose regulatory framework for the digital asset industry could directly inflate the private interests of the presidential family.

The White House has repeatedly clarified that there is no conflict of interest for the President, and Republican senators have also actively defended President Trump. However, both parties share a sense of crisis that if they lose congressional leadership, the virtual asset industry's long-cherished goal of reorganizing supervisory authority among Wall Street regulators could effectively be nullified, thus realizing the necessity of compromise.

The complexity of the legislative process is also complicating the situation. Republican members of the Senate Banking Committee intend to push for the Clarity Act in the coming weeks, but ethics policies are outside the committee's jurisdiction, meaning relevant language is not expected to be included in the scheduled bill review process.

Senator Ruben Gallego, a Democrat who has supported the bill overall and led ethics negotiations, has stated unequivocally that there will be no final bill or progress without bipartisan agreement on ethics issues. He drew a line in the sand, insisting that a clear explanation of how ethics regulations will be addressed must precede the bill's introduction to the floor, or at least its committee review.

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