WASHINGTON D.C. - Ahead of this week’s expected votes on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and the Digital Asset Market Clarity (CLARITY) Act in the House, Democracy Defenders Action released the following statement urging the House to reject the measures in their current form.

"It is absolutely critical that any legislation on digital assets contain key anti-corruption provisions that include divestment rules, transparency, and a robust framework to prevent government officials from exploiting digital asset regulation for personal gain.

“Every day that goes by, President Trump and his family profits from this industry and the risk of abuse of power grows. By passing legislation without enforceable ethics protections, Congress risks supercharging a pay-to-play crypto marketplace that threatens consumer trust, national security, and democratic integrity.

“Lawmakers must act responsibly. No digital asset legislation should pass without provisions that prevent conflicts of interest and assert ethical standards. We call on the House to amend these bills to include the necessary protections before moving forward.”

The GENIUS Act would grant President Trump, who holds significant financial interests in the crypto industry, unprecedented power over stablecoin regulation. A president with financial stakes in the market should not regulate it without strict ethical safeguards. Failing to include these protections allows him to exploit public office for personal gain, undermining trust in both the regulatory process and our democratic system.

Similarly, the CLARITY Act seeks to regulate many digital assets but appears to carve out many of Trump’s assets from regulation at the same time it fails to address the President’s overwhelming conflicts of interest. Without anti-corruption measures, this bill could further entrench Trump’s corruption, leaving everyday Americans vulnerable.

In April, Democracy Defenders Fund released a report, Trump’s Crypto Conflicts of Interest, which details Donald Trump’s extensive entanglements with the cryptocurrency industry and how they pose serious risks to our nation’s democratic institutions and public trust.

#       #      #

Democracy Defenders Action brings together a nonpartisan team to work with national, state, and local allies across the country committed to upholding the rule of law, fighting against autocracy and defending the Constitution.