The latest CLARITY Act draft blocks presidents and top officials from issuing digital assets. Scaramucci calls passage 'extremely difficult' as Senate vote nears.
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The Senate has released a revised version of the Digital Asset Market CLARITY Act that includes temporary bans on presidents, vice presidents, and top federal officials from issuing or sponsoring digital assets. The provisions respond to conflict-of-interest concerns that have dogged the legislative process.
SkyBridge founder Anthony Scaramucci called the bill's path "extremely difficult" on CNBC Monday evening. He warned that even with the ethics language, gathering 60 Senate votes remains a long shot. Scaramucci had previously labeled the CLARITY Act "dead on arrival" over partisan gridlock.
The new draft blocks senior officials from launching or backing tokens while in office. Negotiators have moved past technical debates over security versus commodity classifications to focus on optics and personal accountability. The goal is to prevent lawmakers and senior officials from personally profiting while writing rules for an industry they may have ties to.
Senate leadership is pushing for a floor vote next week. The numbers remain fragile. Some Democrats have flagged unresolved issues in the conflict-of-interest and anti-money laundering safeguards. At least one Republican has said the ethics package needs more work. Prediction markets have trimmed passage odds in recent days.
If passed, the CLARITY Act would create defined lanes for token launches and trading venues. The industry has treated the bill as foundational for U.S. crypto regulation. The current tug-of-war over ethics language has shifted Washington's conversation from market structure to political survival. Goldman Sachs CEO David Solomon publicly backed the bill earlier this month, arguing it would provide needed regulatory clarity for banks entering digital assets.
The Senate is scheduled to vote on the bill next week. The August recess deadline adds pressure. A failure to pass would leave the U.S. without a comprehensive crypto regulatory framework, pushing firms to operate under state-level regimes or move operations offshore.
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