Crypto Bill Stalls as Democrats Reject DOJ-Only Ethics Enforcement

Senate Republicans circulated a revised 616-page Crypto Bill draft on July 22 that includes a White House-backed ethics provision, but no Democrat has publicly endorsed the latest text. Senate Majority Leader John Thune said he wants to move the bill to the Senate floor before the August recess, although it remains unclear whether Republicans can secure the 60 votes needed to advance the legislation.

• The ethics provision bars the president, vice president, members of Congress, senior executive branch officials, and their spouses from issuing or sponsoring certain digital assets while in office.
• The provision designates the U.S. attorney general as the primary enforcement authority and does not authorize state attorneys general to enforce the ethics rules.
• The ethics restrictions would expire in 2029 unless extended by Congress.
• Republicans hold 53 Senate seats, meaning they would likely need support from at least seven Democrats if all senators vote.

The ethics language was negotiated between Senate Republicans and the White House and reflects a compromise the Trump administration was willing to support.

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