Former New York Governor Andrew Cuomo advocated on Tuesday for clear ethics guidelines in the cryptocurrency legislation amid mounting controversy over President Donald Trump’s cryptocurrency earnings.
Cuomo Bats For Ethical Guardrails
During an interview with Bloomberg TV, Cuomo was asked to comment on Trump’s disclosure that he earned over $1 billion through cryptocurrency ventures in the first year of his presidency.
Cuomo admitted that “public cynicism” is very high in the U.S., especially at the federal level.
“I would hope they build in full disclosure and clear ethics guidelines so the public knows they’re not benefiting themselves by their actions,” he added.
Why Only Crypto, Cuomo Asks
Cuomo said the legislation should clearly define the “allowable participation” of all officials in the industry, at both the federal and state levels.
He argued that the issue is “much bigger,” turning to sitting legislators who trade in stocks.
“They’re making the laws. They know what law they’re going to pass or may pass. They can foresee the consequences of that law,” Cuomo stated. “Should they then be allowed to trade on those rules?”
Will Trump’s Involvement Derail Crypto Bill?
Sen. Elizabeth Warren (D-Mass.) has been one of the fiercest critics and opposed the Clarity Act for its failure to tackle conflicts of interest arising from Trump and his family’s involvement in cryptocurrency ventures.
The ethics provisions—designed to prevent elected officials and senior government leaders from profiting from crypto businesses—remain a key sticking point.
David Nage, portfolio manager at Arca, said last month that Senate Democrats are unlikely to provide the votes necessary to clear the chamber’s 60-vote threshold without stronger ethics safeguards.
The White House signaled it might accept ethics provisions as long as they apply broadly to all officials and don’t specifically target the president and vice president.
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