Larry Jackson: Michigan deserves crypto rules that serve the public, not politicians

EDITOR'S NOTE: The views and opinions expressed are those of the writer and not of Ottawa News Network.

The Senate is preparing to vote on the CLARITY Act, a sweeping bill that would establish new rules for cryptocurrency markets and digital assets. Supporters argue the legislation will provide much-needed certainty for a rapidly evolving industry. That may be true. But before Congress creates a regulatory framework that could shape the future of finance, it must answer a more fundamental question: Who stands to benefit from the rules being written?

In Michigan, we expect public officials to serve the people, not their own financial interests. Whether you're a union worker in Grand Rapids, a small business owner in Holland, or a retiree in Muskegon, you understand a basic principle: lawmakers should not be allowed to profit from the laws they write.

Unfortunately, the current version of the CLARITY Act falls short of that standard.

At a time when Americans are increasingly skeptical of Washington, Congress should be strengthening ethics safeguards, not ignoring them. The debate over cryptocurrency regulation comes as President Donald Trump and members of his family have earned substantial sums from cryptocurrency ventures and digital asset investments since the beginning of Trump's second term. That reality shows us why strong conflict-of-interest protections are essential. The public should never have to wonder whether policy decisions are being made for the country's benefit or for someone's personal financial gain.

This issue extends far beyond any one president or political party. The cryptocurrency industry is now a multi-trillion-dollar market, and decisions made in Washington can dramatically affect the value of digital assets, crypto companies, and related investments. When elected officials have personal financial stakes in those markets, the potential for conflicts of interest is obvious. At a minimum, Americans deserve confidence that lawmakers and government officials are acting in the public interest rather than advancing policies that could enrich themselves, their families, or their political allies.

That is why ethics provisions should be a central part of this legislation. Any final version of the bill should prohibit elected officials, senior government appointees, and their immediate family members from issuing, promoting, sponsoring, or profiting from cryptocurrency products and ventures while they are responsible for writing, implementing, or overseeing crypto regulations. 

As if the glaring corruption in this legislation isn’t enough, Democratic leaders should also be concerned about the upcoming midterm elections. We all know that these elections are about turnout, but our voters will not show up for candidates who sell out to the crypto industry. 

Michigan has demanded accountability from its leaders time and time again. From local government to Congress, voters expect transparency, fairness, and integrity. Public trust is difficult to earn and easy to lose. Once Americans begin to believe that public office is simply another avenue for private enrichment, confidence in our institutions suffers.

That is why Michigan's senators, Gary Peters and Elissa Slotkin, should oppose the CLARITY Act unless it includes strong, enforceable ethics provisions that prevent self-dealing and conflicts of interest. No sitting or future president, other elected officials or their family members should profit from policies that those same lawmakers are writing and regulating. The Senate has an opportunity to send a clear message that public service is not a business opportunity.

No matter who occupies the White House or serves in Congress, the same standard should apply: Public office should never be used for private profit.

— Larry Jackson is chair of the Ottawa County Democrats.

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