Lawmaker Unleashes Ethics Overhaul Targeting Digital Asset Conflicts of Interest
U.S. Congressman Jim Himes (D-CT) proposed a significant expansion of ethical safeguards on June 11 during a legislative session in Washington, presenting an amendment to the CLARITY Act intended to address conflicts of interest in the oversight of cryptocurrency markets. Speaking from the House floor, Himes criticized what he characterized as partisan hypocrisy and warned against a growing tolerance for misconduct among government leaders.
He stated: “We have all been treated to one of the most egregious, shocking abuses from the White House … imaginable.” The congressman asserted that if the Biden family had engaged in similar behavior, calls for impeachment would be deafening. Himes said the amendment is simple: to prevent policymakers from regulating digital assets while personally profiting from them. Himes explained that he has introduced:
An amendment to the CLARITY Act that would prohibit federal elected officials from issuing a digital asset or holding a financial interest in an issuer of a digital asset.
This initiative aims to create a firm ethical boundary by barring lawmakers and executive officials from participating in digital asset ventures while in office. The lawmaker strongly condemned the notion that such officials could use their positions to promote or profit from crypto assets: “It is madness that we should be allowed to issue a memecoin or a digital asset or a digital commodity because it’s just a vehicle for a bribe.”
Himes emphasized the need for equal standards regardless of office, arguing that the rule should apply “to the freshman member on this Committee as it is to the President of the United States, who is accruing increasing authority, thanks to the Supreme Court, over the independent regulatory agencies.” The congressman noted:
These restrictions would apply to the President, Vice President, Senate-confirmed members of the executive branch, members of Congress, and the spouses and children of these individuals.
Meanwhile, the Trump family has become deeply involved in cryptocurrency through ventures like World Liberty Financial (WLF), raising over $550 million and launching a stablecoin backed by U.S. treasuries. They hold major stakes and profit shares, with some projects offering Trump-related perks to top investors. These moves, alongside pro-crypto policies and a controversial memecoin, have raised ethical and legal concerns about the blending of politics and personal gain.