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Clarity Act draft adds ethics limits that sunset in 2029
The draft includes an ethics provision for the president's crypto involvement, and regulators would have one year to implement it after enactment.
A new draft of the U.S. Senate's Digital Asset Market Clarity Act is circulating, and it adds a government ethics provision focused on conflicts involving President Donald Trump’s crypto activity. The provision would sunset in 2029 and would require regulators to implement the rules within a year of enactment, according to CoinDesk.
CoinDesk reports the conflict-of-interest section has been a major sticking point in negotiations over the market structure bill, which is being pushed toward a Senate vote ahead of the chamber’s summer recess. Draft language has been shown to crypto industry insiders, while Democratic lawmakers had not yet seen the text at the time of publication.
The draft is also tied to the current plan for how ethics enforcement would work, including the role of the Department of Justice in policing related ethics complaints once the section ends in 2029, according to descriptions from sources cited by CoinDesk. The Senate is expected to need at least 10 Democrats to approve the final bill, given the chamber’s 60 vote threshold for most legislation, and many Democrats were still dissatisfied with the ethics language.
CoinDesk adds that the bill text reflects work across relevant Senate committees, including Banking and Agriculture, and includes additional provisions intended to improve safety for digital asset users and investors. Senate Majority Leader John Thune intends to move the measure forward with floor action.