Recently, Senator Jeff Merkley from Oregon proposed an amendment to the 'Outlaw Big and Beautiful Bill' aimed at preventing elected officials from promoting or profiting from cryptocurrencies in which they have a financial stake. However, the amendment was rejected.
Failure of the OBBB Amendment
Merkley's amendment to prohibit elected officials from promoting or profiting from cryptocurrencies in which they have a financial interest was narrowly rejected in a 53-47 vote. This decision received criticism from other senators, such as Senator Cynthia Lummis, who stated that this amendment could seriously harm the competitiveness of the U.S.
Reasons for Merkley's Amendment
Merkley's amendment aims to establish clear guidelines for the behavior of public officials in relation to cryptocurrency, ensuring ethical practices within the political framework. This proposal arose out of concerns regarding potential conflicts of interest and misuse of public office for financial gain. Merkley stated: 'The sale of crypto coins by any of us for financial benefit is corrupting our responsibility to govern by and for the people.'
Merkley's Fight Against Corruption in the Crypto Industry
Despite the defeat of the OBBB amendment, Merkley vowed to continue his fight for ethical measures in political agendas. He also mentioned the GENIUS ACT, emphasizing the need for strong anti-corruption measures to prevent personal gain from government affairs. Merkley stated: 'I will keep fighting to ban Trump-style crypto corruption.'
Senator Jeff Merkley's attempt to prohibit lawmakers from profiting from cryptocurrencies did not succeed, but he is determined to continue pushing for ethical standards in politics.
