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Senator Chris Van Hollen’s amendment targeting ‘self dealing’ by elected officials in crypto markets failed 11 to 13 in the Senate Banking Committee. The proposal sought to bar presidents, lawmakers and senior officials from issuing or promoting crypto assets while in office.
Debate intensified after Van Hollen accused Trump linked crypto ventures of profiting from political influence and foreign backed deals.
The Senate Banking Committee rejected Senator Chris Van Hollen’s anti self dealing crypto amendment on Thursday during the ongoing markup of the CLARITY Act, deepening partisan tensions over ethics, crypto regulation and President Donald Trump’s digital asset ties.
🚨 WATCH: Chairman @SenatorTimScott leads the Senate Banking Committee in a historic markup of the CLARITY Act, legislation to establish clear rules of the road for digital assets. https://t.co/wlHj2jcAEF
— U.S. Senate Banking Committee GOP (@BankingGOP) May 14, 2026
The amendment failed in an 11 to 13 vote after a heated exchange between Democrats and Republicans over whether elected officials should be allowed to issue or profit from crypto related ventures while serving in office.
Van Hollen argued the measure was designed to prevent conflicts of interest among policymakers directly shaping crypto legislation.
“We’re letting the people know that we’re not going to allow self dealing by the president or members of the House and Senate,” Van Hollen said during the hearing.
During debate on the amendment, Van Hollen directly referenced World Liberty Financial, a crypto project linked to Trump and members of his family, along with Trump branded meme coins.
The Maryland senator accused the ventures of generating profits tied to political influence and foreign linked investment activity.
“The Trump family has raked in billions in profits,” Van Hollen claimed, pointing to transactions involving members of the UAE royal family and recent US policy decisions tied to AI chip restrictions.
He also criticized the structure of Trump linked memecoins, arguing insiders profited regardless of whether retail investors lost money.
“The way that scam works is that whether retail investors win or lose, Trump is like the house at the casino. He always wins,” Van Hollen said.
Republicans immediately pushed back against the accusations.
Senator Bernie Moreno argued the amendment was outside the Banking Committee’s jurisdiction because it involved criminal penalties and accused Democrats of making unsubstantiated allegations.
“You’re making conclusive comments about a person who serves this nation and to say with no knowledge that he is committing a crime is a disgrace,” Moreno said.
Committee leadership also stressed the importance of the presumption of innocence and warned lawmakers against turning the markup into a partisan attack.
Van Hollen later clarified that while he believed the transactions had “all the markings of a corrupt deal,” the amendment itself did not accuse anyone of criminal wrongdoing.
The proposal ultimately failed along party lines, with Republicans unanimously opposing the measure.
The amendment is one of several Democratic backed proposals introduced during the CLARITY Act markup aimed at tightening ethics rules, investor protections and oversight around digital assets.
Supporters of the broader CLARITY Act say the legislation would create long awaited regulatory clarity for the crypto industry and help establish the United States as a leader in blockchain innovation.
Critics, however, argue portions of the bill could weaken existing safeguards while opening the door to conflicts of interest and reduced consumer protections.
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