Democratic senators say crypto Clarity Act 'falls short' on ethics

"The Republican-proposed text of the CLARITY Act as it currently stands falls short," the statement said. "Key provisions including those addressing ethics for elected officials, consumer protection, illicit finance, conflicts of interest and market integrity must be strengthened."

Senate Republicans published a new draft of the Clarity Act earlier Wednesday, including an ethics provision that the White House and President Donald Trump agreed to. The ethics provision has been an outstanding issue for over a year, stretching back to the Senate's work on the stablecoin-focused GENIUS Act last year. The issue took on renewed focus in recent weeks after Trump shared his latest financial disclosure showing he made over $1.4 billion from his crypto ventures in 2025.

It is unclear when the bill may hit the Senate floor. Republican Majority Leader John Thune's office told CoinDesk that he is still planning on moving forward in the coming days. The Senate leaves town after August 7 for the summer recess, and the Senate has other issues to take up as well. The bill will need 60 votes to advance, meaning as many as 10 Democrats may need to vote for it.

"We have been working in good faith with our Republican colleagues for the past year and will continue doing so to get this over the finish line," the Democratic lawmakers said.