A final working draft of the U.S. Senate's Digital Asset Market Clarity Act has been circulated, incorporating a contentious ethics provision that would limit President Donald Trump's extensive crypto business involvement.
The draft confirms the conflict-of-interest section, which includes limits on the president and senior officials, is set to expire in 2029. Regulators would have one year to implement these new constraints. The provision has been a major sticking point in negotiations, though some Democratic lawmakers may still find it insufficient.
Senate Majority Leader John Thune plans to bring the bill to the floor before the upcoming summer recess. The legislation requires at least ten Democratic votes to pass, but many Democrats have already expressed opposition to the ethics deal brokered with the White House.
The bill's language reflects work from the Senate Banking and Agriculture Committees. It includes measures for user safety, federal preemption, and maintains provisions important to the decentralized finance (DeFi) sector, such as not classifying certain developers as money transmitters.
With the Senate scheduled to leave for recess in 16 days, the first week of August is viewed as the final window for the bill's passage this session.