New CLARITY Act bars federal officials from profiting in crypto

Senate Majority Leader John Thune is pushing for an expedited floor vote. The Senate Banking Committee cleared the earlier version of the bill in May on a 15-9 vote, a split that reflected bipartisan support but also skepticism. The new ethics provisions could shift some votes, though the sunset clause has drawn criticism from Democrats who argue the rules should be permanent.

For the crypto industry, the bill's fate matters because it would create a single federal framework for digital assets, replacing the patchwork of state-level money transmitter licenses and SEC enforcement actions. The CFTC-SEC split would give exchanges and issuers a clearer jurisdictional map, potentially lowering legal costs and attracting institutional capital.

Critics of the sunset clause say it introduces uncertainty. If the ethics rules expire in 2029 without renewal, the same conflicts of interest the bill aims to prevent could resurface. Lummis said the sunset was a necessary compromise to get the bill through a divided Congress, and that renewal would be revisited before the deadline.

Thune has not set a date for the floor vote. The bill would need 60 votes to overcome a filibuster. No companion legislation has been introduced in the House.