Crypto▲ Bullish
Crypto Bill Faces Two-Week Window as Ethics Fight Delays Passage
Senate has two weeks to pass the Digital Asset Market Clarity Act before recess. Ethics provision targeting Trump's crypto interests is the main holdup. Motion to proceed expected Monday.
Continue with
The U.S. Senate has two weeks to advance the Digital Asset Market Clarity Act before the August recess, and the clock is running. A new draft merges versions from the Banking and Agriculture Committees but adds an ethics provision that has stalled progress.
The sticking point is language aimed at senior government officials who sponsor or issue cryptocurrencies. Senate Democrats want stricter rules that would directly address President Trump's crypto-related businesses. Republicans and the White House prefer a lighter touch.
Under the current draft, senior officials would have one year to divest crypto holdings or place them in a blind trust. The Department of Justice would enforce it. Critics point to loopholes: existing Trump-branded tokens could stay, and enforcement protections would end after the next presidential inauguration. Some Democrats question whether the Justice Department would enforce the provision at all while Trump is in office.