The U.S. Senate Banking Committee has rejected an amendment proposed by Senator Van Hollen to the CLARITY Act, which sought to prohibit the president and members of Congress from issuing crypto assets. The amendment also called for increased transparency and disclosure from involved parties. Van Hollen highlighted the Trump family's significant earnings from cryptocurrency projects, including deals with the UAE royal family, and noted the financial losses incurred by retail investors from meme coin sales. Republican Senator Bernie Moreno argued that the amendment should be considered by the Judiciary Committee instead. The proposal was narrowly defeated with 11 votes in favor and 13 against. The CLARITY Act, aimed at structuring the crypto market, continues to be debated and amended in the Senate.