Crypto▼ Bearish
Senate Crypto Bill Draft Bans President, Officials From Crypto Profits
Democrats say the ethics provision falls short; bill needs 60 votes with two weeks before recess. Polymarket sees 33% chance of passage this year.
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Senate negotiators on Wednesday circulated a new working draft of the Digital Asset Market Clarity Act that includes an ethics provision barring the president, vice president, members of Congress, federal judges, and their spouses from issuing or sponsoring digital assets for compensation while in office. Enforcement would fall to the Department of Justice, which could impose fines of up to $250,000 a day on violators. Officials who already hold digital assets could comply by selling them or placing them in a blind trust.
Senator Cynthia Lummis, the Wyoming Republican leading the push, released the draft after President Trump reportedly signed off on the ethics language. Trump reported roughly $1.4 billion in crypto-related income during his first year back in office. Democrats have spent months trying to bar senior officials and their families from profiting off the industry, citing ventures like his stake in World Liberty Financial.