A new version of the Digital Asset Market Clarity Act has started circulating in the U.S. Senate, and for the first time it includes a section meant to prevent the president and other senior officials from having direct crypto ties. The catch? That ban is only temporary, set to expire in 2029.
The draft, which some are calling the final working version, emerged just days after talks with President Donald Trump reportedly led to a deal on what had been the biggest remaining hurdle. According to sources familiar with the document, the ethics section puts the Department of Justice in charge of handling any related complaints. But it’s not permanent — the ban sunsets after 2029, which might be a way to get the bill through without sinking the broader market structure reforms.
Democrats left out of early discussions
Even as crypto industry groups got a look at the hundreds of pages, Democratic lawmakers hadn’t seen the draft yet. The text was first posted by Punchbowl News. And that’s a problem, because the Senate will need at least 10 Democrats to vote yes — the chamber requires 60 votes to pass most legislation. Many Democrats were already uneasy about the ethics language, and not being looped in early probably won’t help.
The overall bill is a combination of work from two Senate committees — Banking and Agriculture — plus a lot of new language meant to strengthen protections for digital asset users and investors. Majority Leader John Thune, the Republican who sets the Senate’s agenda, plans to bring the bill to the floor in the coming days before summer recess, his office told CoinDesk. The latest version includes dozens of extra pages designed to attract Democratic support.
Industry reaction and next steps
“Today’s draft is a meaningful step toward the Senate vote on the Clarity Act we’ve been calling for,” said Cody Carbone, CEO of the Digital Chamber, in a statement. “We’re encouraged, and we’re ready to keep working until the bill reaches the president’s desk.”
But it’s far from a done deal. The temporary ethics ban might be a compromise that some lawmakers see as too weak, while others think it goes too far. And with Democrats still waiting for their own copy of the bill, the next few days could get messy. Thune’s push to vote before the summer break is ambitious, but maybe not impossible. The crypto industry has been waiting years for a market structure bill, and this might be the closest it’s come — if the politics line up.
