Trump promised to save crypto, but his personal business might kill its landmark CLARITY law

Senate negotiators on the CLARITY Act have run into a condition several Democrats are treating as essential: they want ethics language limiting how much senior officials, including the president and vice president, can profit from digital asset ventures.

That condition traces back to a warning crypto figures made before the 2024 election, when they argued that tying the industry too closely to a political figure could turn market structure legislation into a partisan fight.

The CLARITY Act, the market structure bill the industry has wanted for years, is now testing whether that warning held up.

Republicans added ethics restrictions to the July 22 CLARITY draft, but Senate Democrats say the language remains too narrow and weakly enforced. The question now is whether negotiators can strengthen it enough to secure the Democratic votes the bill needs.

Democrats’ position is essentially: yes, ethics language now exists, but it does not adequately prevent Trump or affiliated businesses from continuing to profit. A group of Democratic negotiators said the ethics and conflict-of-interest provisions “must be strengthened,” while Senator Elizabeth Warren specifically identified the investment exception, affiliated-company structures, and DOJ-only enforcement as loopholes.

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