Senate Republicans have released the 616-page text of the Digital Asset Market Clarity (CLARITY) Act. It includes ethics language that would bar all US federal officials from issuing or sponsoring any digital asset.
The ban would also apply to President Donald Trump, who faces scrutiny over his crypto ventures. This prohibition is temporary, expiring on January 20, 2029, the day Trump's second term ends.
Enforcement would fall primarily to the US Attorney General. The bill awaits a potential Senate vote before returning to the House.
Support from several Democratic lawmakers is needed to reach a 60-vote threshold. Many Democrats have insisted on strong ethics provisions to address what they call the president's "crypto corruption." Notably, the bill's temporary ban does not include children of officials.
Senate Majority Leader John Thune plans to bring the bill to the floor next week regardless of Democratic support. Proponents argue the bill offers a comprehensive framework beyond just ethics.