The post U.S. Senate Split on Crypto Ethics Amendment Amid Innovation Concerns appeared on BitcoinEthereumNews.com.

Key Points: Senator Merkley proposes a crypto ethics amendment; Senator Lummis opposes. Amendment targets conflict of interest, rejected by Senate vote 53-47. Lummis warns of impact on U.S. digital asset competitiveness and innovation. On July 1, 2025, U.S. Senators debated an amendment proposed by Senator Jeff Merkley to the GENIUS Act, aiming to curb crypto conflicts of interest. Despite support from some, the Senate narrowly rejected this proposal. The proposed amendment highlights concerns over elected officials promoting or benefiting from crypto assets they hold. This initiative by Senator Merkley sought to enhance transparency and accountability among lawmakers, demanding they steer clear of any crypto-related interests. Senate Rejects Merkley’s Ethics Amendment Proposal in 53-47 Vote Jeff Merkley’s proposal sought to prohibit U.S. officials from engaging in crypto dealings when financial interests are involved. Supporting transparency in government proceedings, Merkley emphasized the need for stringent measures. However, the proposition met with resistance. Opponents, including Senator Cynthia Lummis, argued that such measures would undermine the country’s digital asset advancements. Lummis maintained that the restrictions could stifle innovation in the burgeoning field. “Passing the GENIUS Act without strong anti-corruption measures stamps a Congressional seal of approval on President Trump selling access to the government for personal profit… I will keep fighting to ban Trump-style crypto corruption to prevent the sale of government policy by elected federal officials in Congress and the White House.” – Jeff Merkley Impact on Bitcoin Prices and Historical Regulatory Trends Did you know? Proposals similar to Merkley’s have historically raised transparency levels without triggering major crypto sell-offs, as seen with the STOCK Act. As reported by CoinMarketCap, Bitcoin (BTC) is trading at $107,453.88 with a 24-hour volume of $41.79 billion, marking a 0.93% drop on the day. The past months have shown varied performance metrics, gaining 26.16% over 90 days,…

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Filed under: News - @ July 1, 2025 2:28 am