Ben McKenzie, best known for playing Ryan Atwood on The OC, came to Capitol Hill this week to urge Congress to kill the CLARITY Act. He stood alongside Senate Democrats Richard Blumenthal and Chris Van Hollen at an anti-corruption forum, arguing the bill would let President Trump keep profiting from crypto — and that lawmakers can't claim to oppose 'Trump's crypto corruption' while supporting it.
The anti-corruption forum
McKenzie joined Blumenthal and Van Hollen at a forum focused on ethics and corruption. He warned that only a handful of votes could be enough for the CLARITY Act to pass. The bill, which aims to create a federal framework for digital assets, has drawn sharp criticism from Democrats who say it's too weak on ethics and consumer protections.
Democrats' concerns
Democrats are pushing for stronger ethics rules, consumer protections, and national security safeguards. Republicans added language banning the president and other public officials from issuing or sponsoring cryptocurrencies. But Blumenthal said the updated version still contains loopholes that could allow Trump to profit from his crypto ventures. He claimed Trump made $2 billion last year, with $1.4 billion from cryptocurrency profits exploiting weaknesses in current law.
The current CLARITY Act does not require Trump to divest his crypto holdings. Ethics provisions in the bill would expire in 2029, leaving enforcement to the Department of Justice — which Blumenthal says would be insufficient. Democrats plan to use their bargaining power to push for changes before the bill comes up for a vote. The Senate will need at least 60 votes to advance the legislation.
Letitia James' warning
New York Attorney General Letitia James also weighed in, warning that the CLARITY Act could weaken state enforcement against crypto fraud. She said stronger regulations are needed to protect investors, and the proposal would limit the state's ability to hold digital asset platforms accountable. James urged Congress to strengthen investor protections and safeguard the economy and national security.
Bill delayed
Senate Majority Leader John Thune has put the CLARITY Act on hold as the Senate focuses on confirming government nominees and debating a Russia sanctions bill. The bill is now pushed off the pre-recess agenda. September is now the earliest it is expected to return for consideration.
