US Senate Republicans Release Updated Crypto Clarity Act Draft with New Ethics Package
On Wednesday, Senate Republicans unveiled a revised version of the Digital Asset Market Clarity Act, which features an ethics component negotiated with the White House. This legislation prohibits the president, vice president, members of Congress, and federal judges from receiving digital assets as compensation while serving in office. These officials are required to divest their cryptocurrency holdings or transfer them to a blind trust until January 20, 2029, with enforcement by the Department of Justice. The draft also encompasses the Blockchain Regulatory Certainty Act and measures for law enforcement to address crypto-related crimes. The ethics provisions received White House approval on July 21. Despite passing the House (H.R. 3633, 294-134) and the Senate Banking Committee (15-9), Democrats have voiced their objections. Majority Leader John Thune aims for a vote before the August recess, requiring 60 votes for approval, while prediction markets indicate a low-to-mid 30% likelihood of passage.
Key facts
- Senate Republicans released updated Clarity Act draft with ethics package on Wednesday.
- Ethics package bars president, VP, Congress, federal judges from issuing digital assets for compensation.
- Covered officials must sell crypto or place in blind trust; restrictions sunset January 20, 2029.
- DOJ has civil authority to enforce rules and sue violators and exchanges.
- Draft includes Blockchain Regulatory Certainty Act exempting non-custodial developers from money transmitter rules.
- New provisions fund blockchain investigations and create cyber center targeting North Korea and Iran.
- White House approved ethics language on July 21 after talks with Senators Lummis and Moreno.
- Seven Democratic senators issued joint statement opposing the draft as insufficient.
- House passed its version H.R. 3633 294-134 in July 2025; Senate Banking Committee advanced 15-9 in May.
- Majority Leader Thune aims for floor vote before August recess; passage needs 60 votes.
Entities
Institutions
- US Senate
- White House
- Senate Banking Committee
- Senate Agriculture Committee
- Department of Justice
- Government Accountability Office
- Digital Chamber
- Solana Policy Institute
- House of Representatives
- NFT Plazas
Locations
- United States
- Wyoming
- Ohio
- North Korea
- Iran