WASHINGTON, D.C. — Congressman Eugene Vindman (Va.-07), Vice Ranking Member of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development on the House Agriculture Committee, today led 24 of his colleagues in sending a letter to leadership of the House Financial Services and Agriculture Committees.
“We recognize the potential for blockchain technology to transform financial services and expand access to the global economy, and we remain committed to pursuing policies that allow the United States to lead in this emerging sector,” said Vindman and his colleagues. “That said, we would be remiss not to raise a serious concern with language in the CLARITY and GENIUS Acts that includes a troubling carveout exempting the President and Vice President from conflict-of-interest prohibitions in a manner that is deeply dangerous.”
The lawmakers continued, “This exemption sends a dangerous message at a time when public trust in both government institutions and digital asset markets is under strain. Americans recognize former President Trump’s memecoin and USD1 scheme for what it is: blatant self-enrichment at the expense of American values, national security, and our economic sovereignty. Ethics rules designed to prevent self-dealing and insider profiteering must apply uniformly, without exception. Allowing the President and Vice President to sidestep these standards undermines the very principles of transparency and accountability that this legislation purports to advance.”
The letter follows House passage of two bipartisan digital asset bills — the Digital Asset Market Structure Clarity Act of 2025 (CLARITY Act) and the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — both of which Rep. Vindman supported.
Vindman spoke on the House floor to support the CLARITY and GENIUS Acts while demanding stronger standards to end President Trump’s corruption.
You can read their full letter below.
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Dear Chairman Hill, Ranking Member Waters, Chaiman Thompson, and Ranking Member Craig,
Thank you for leading a collaborative effort over the past several months to develop a regulatory framework for digital assets that encourages innovation, strengthens consumer protections, and provides much-needed clarity to this rapidly evolving sector of the American economy. We recognize the potential for blockchain technology to transform financial services and expand access to the global economy, and we remain committed to pursuing policies that allow the United States to lead in this emerging sector.
That said, we would be remiss not to raise a serious concern with language in the CLARITY and GENIUS Acts that includes a troubling carveout exempting the President and Vice President from conflict-of-interest prohibitions in a manner that is deeply dangerous. While the bill rightly prohibits Members of Congress and senior executive branch officials from issuing digital commodities during their time in public service, it exempts the two highest offices in government from these basic conflict-of-interest protections.
This exemption sends a dangerous message at a time when public trust in both government institutions and digital asset markets is under strain. Americans recognize former President Trump’s memecoin and USD1 scheme for what it is: blatant self-enrichment at the expense of American values, national security, and our economic sovereignty. Ethics rules designed to prevent self-dealing and insider profiteering must apply uniformly, without exception. Allowing the President and Vice President to sidestep these standards undermines the very principles of transparency and accountability that this legislation purports to advance.
Thank you again for your leadership and advocacy. We look forward to continuing to work together toward a future where the United States leads the world in responsible digital asset innovation.
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BACKGROUND
This letter was signed by U.S. Representatives Nikki Budzinski (Ill.-13), Janelle Bynum (Ore.-05), Salud Carbajal (Calif.-24), Jim Costa (Calif.-21), Adam Gray (Calif.-13), Josh Harder (Calif.-09), Steven Horsford (Nev.-04), Glenn Ivey (Md.-04), Ro Khanna (Calif.-17), Susie Lee (Nev.-03), Mike Levin (Calif.-49), John Mannion (N.Y.-22), April McClain Delaney (Md.-06), Betty McCollum (Minn.-04), Kristen McDonald Rivet (Mich.-08), Yassamin Ansari (Ariz.-03), Nellie Pou (N.J.-09), Hillary Scholten (Mich.-03), Lateefah Simon (Calif.-12), Eric Sorensen (Ill.-17), Suhas Subramanyam (Va.-10), Eric Swalwell (Calif.-14), and Derek Tran (Calif.-45).
The CLARITY Act sets long-needed rules for when a digital asset is regulated as a security by the Securities and Exchange Commission (SEC) or as a commodity by the Commodity Futures Trading Commission (CFTC).
The GENIUS Act, which outlines the first federal rules for stablecoins, has already passed the Senate and will become the first standalone crypto legislation after the President signs it into law.
Ahead of final passage, Vindman spoke on the House floor to support the CLARITY and GENIUS Acts — while forcefully condemning the carveout for the executive branch. You can watch a video of his remarks here.
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