Senators are racing to pass the Digital Asset Market Clarity Act before the August recess, with a new draft addressing ethics concerns and shielding self-custodied Bitcoin from certain state claims. The bill merges versions from the Banking and Agriculture Committees and adds language on dormant assets. A lawsuit claiming nearly 3.8 million Bitcoin adds urgency to the effort.
The latest draft includes an ethics provision requiring senior officials, including President Donald Trump, to divest or place crypto businesses in a blind trust within one year. Democrats seek stronger measures tied to Trump's reported $1.4 billion in crypto gains, while Republicans and the White House back the current text.
Section 20216 of the bill would prevent self-custodied digital assets from being deemed abandoned solely due to wallet inactivity. This targets claims under state lost-property laws like New York's Article 7-B.
Plaintiff Noah Doe and associated companies filed suit seeking title to 39,069 dormant Bitcoin addresses holding about 3.799 million BTC, or nearly 18 percent of the total supply. The provision leaves courts to weigh other evidence beyond inactivity alone.
A motion to proceed could come Monday or Tuesday, with cloture votes possible the week of August 3 before the Senate adjourns August 7. Industry participants and Senate staff from both parties have expressed support for passage.
