The Digital Asset Market Clarity Act faces a major hurdle. Negotiations over banning conflicts of interest for U.S. officials have stalled.
Democrats are focused on President Donald Trump's crypto wealth. Financial disclosures show the industry increased his fortune by approximately $1.4 billion. Senator Chris Murphy and ethics advocates are pushing for strict rules. They want to prevent officials from owning crypto assets in the sector they regulate.
Senator Kirsten Gillibrand highlighted that Trump's single largest 2025 income stream was $636 million from a memecoin. She argues presidents should be barred from issuing digital assets.
The Senate has limited time before its summer recess. Senate Majority Leader John Thune aims to bring Clarity to a vote this month. A new draft is expected soon but will not include final ethics language.
President Trump is pushing for the bill's passage, calling for it in honor of the late Senator Lindsey Graham. This priority stands despite his demand that other legislation wait for his voting bill. White House crypto advisor Patrick Witt called this a "critical week."
Democrats say the bill cannot pass without addressing these ethics concerns. They plan a press conference to oppose the current version, calling it a failure to "rein in" Trump's crypto schemes.