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Senate crypto bill faces pushback over conflict of interest rules

Legal experts from both oversight groups noted that the ethics language released in the Senate draft was narrowly drawn and created major statutory exemptions. According to the advocacy groups, the proposed draft grandfathered in existing cryptocurrency holdings and financial arrangements while omitting robust enforcement mechanisms. The organizations asserted that the legislative language effectively immunized pre-existing commercial ventures from federal oversight. To establish meaningful reform, the watchdogs demanded a comprehensive prohibition precluding all covered government officials from holding direct financial stakes, trading digital assets, or receiving revenue from pre-existing licensing and profit-sharing agreements.