The amendment to the "CLARITY Act" banning the President of the United States and members of Congress from issuing cryptocurrency assets has been rejected.

BlockBeats News, May 15th, U.S. Senator Van Hollen proposed an amendment during the Banking Committee hearing on the "CLARITY Act," calling for a ban on the President and members of Congress from serving as cryptocurrency issuers and requiring relevant individuals to increase transparency and disclosure.

Van Hollen stated that the Trump family has made billions of dollars through cryptocurrency projects, including transactions with the UAE royal family—following which Trump relaxed restrictions on chip and AI exports to the UAE. He also pointed out that the Trump family's Meme coin sale caused retail investors to lose a cumulative $4.3 billion, while Trump himself could profit regardless of market fluctuations.

Republican Senator Bernie Moreno pushed back, arguing that this amendment falls under the jurisdiction of the Judiciary Committee rather than the Banking Committee.

The amendment was rejected with 11 votes in favor and 13 against. The "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act) is currently being debated and voted on amendment by amendment.