Democratic senators are preparing to publicly oppose the crypto market structure bill known as the Clarity Act, citing its failure to address conflicts of interest tied to President Donald Trump's holdings. The move comes as negotiations on an ethics provision remain unresolved with time running short in the Senate. Trump has urged passage of the bill despite the impasse.
Several Senate Democrats plan a press conference this week to highlight what they describe as the bill's shortcomings on ethics. Senators Chris Murphy, Chris Van Hollen and Jeff Merkley are set to join the event on Capitol Hill.
The opposition centers on Trump's reported $1.4 billion in crypto-related gains, including $636 million from a memecoin. Senator Kirsten Gillibrand said Democrats are pushing to ban presidents and members of Congress from issuing or sponsoring digital assets.
A new draft of the bill is expected in the coming days, but the ethics section is among the final points still under debate. Senate Majority Leader John Thune has indicated plans to advance a vote this month.
Trump called for the bill's passage in a social media post honoring the late Senator Lindsey Graham, who died recently. White House crypto advisor Patrick Witt described the current period as a critical week for the legislation.
