Senate Republicans released a new draft of the Digital Asset Market Clarity Act on July 22 that includes ethics restrictions on federal officials' crypto activities. The provisions would bar presidents, lawmakers, judges and their spouses from issuing or sponsoring digital assets for compensation while in office. Democrats have said the draft falls short on several fronts.
The updated text merges earlier versions from the Senate Banking and Agriculture Committees and adds language on ethics, illicit finance and consumer protections. Covered officials would need to sell holdings, place them in blind trusts or do both, with sales over $1,000 disclosed. The ethics rules would expire in 2029 and enforcement would rest primarily with the Justice Department.
Senator Cynthia Lummis said she was pleased the integrated bill was ready for feedback and that further talks on ethics and other issues would continue through the weekend. A group of Senate Democrats issued a joint statement saying the text still fell short on ethics, consumer protection and illicit finance but pledged to keep negotiating.
Majority Leader John Thune's office indicated plans to bring the bill to the floor soon, though no vote date has been set. The Senate needs 60 votes to advance the measure before its August recess.
