A new version of the Digital Asset Market Clarity Act has begun circulating in the US Senate, and for the first time, it includes a section intended to prevent the president and other high-ranking officials from having direct ties to crypto. The trap? This ban is only temporary and will expire in 2029.
The draft, which some are calling the final working version, was released just days after talks with President Donald Trump reportedly resulted in agreement on what was the biggest remaining hurdle. According to sources familiar with the document, the ethics section gives the Ministry of Justice responsibility for handling any related complaints. But it’s not permanent: The ban expires after 2029, which could be a way to pass the bill without derailing broader reforms to market structure.
Democrats excluded from first discussions
Even though crypto industry groups reviewed the hundreds of pages, Democratic lawmakers had yet to see the draft. The text was first published by Punchbowl News. And that’s a problem, because the Senate will need at least 10 Democrats to vote yes — the chamber needs 60 votes to pass most legislation. Many Democrats were already worried about the ethics language, and not being made aware of it early on probably won’t help.
The overall bill is a combination of the work of two Senate committees – Banking and Agriculture – as well as numerous new language intended to strengthen protections for users and investors of digital assets. Majority Leader John Thune, the Republican who sets the Senate’s agenda, plans to introduce the bill in the coming days before the summer recess, his office told CoinDesk. The latest version includes dozens of additional pages designed to attract support from Democrats.
Industry reaction and next steps
“Today’s bill is a significant step toward the Senate vote on the Clarity Act we have been calling for,” Digital Chamber CEO Cody Carbone said in a statement. “We are encouraged and we are ready to continue working until the bill reaches the president’s desk.”
But it is far from being a done deal. The temporary ethics ban could be a compromise that some lawmakers consider too weak, while others think it goes too far. And with Democrats still waiting for their own copy of the bill, the next few days could be complicated. Thune’s desire to vote before the summer recess is ambitious, but perhaps not impossible. The crypto industry has been waiting years for a market structure bill, and this one could be the closest – if policies align.
