US senator: CLARITY Act requires crypto insider trading provision to pass

U.S. Senator Kirsten Gillibrand stated there will be no agreement on the CLARITY Act without a provision to prevent insider trading, citing growing concerns over the Trump family's conflicts of interest in cryptocurrency, The Block reported. Speaking at the Consensus conference, Gillibrand said it is unacceptable for lawmakers or government officials to use their positions to accumulate wealth through related industries. She noted that many Democratic senators have raised concerns about the Trump family's close ties to the crypto sector. Previously, Bloomberg estimated that the Trump family had earned at least $1.4 billion from the industry. While a compromise has been reached on stablecoin interest issues within the CLARITY Act, the potential inclusion of an ethics provision for public officials is now considered the biggest variable affecting the bill's passage.