A new draft of the Digital Asset Market Clarity Act is making the rounds in Washington, and it finally tackles one of the biggest sticking points: a ban on direct crypto ties for the president and senior officials. But the ban is temporary, set to expire in 2029, and the Department of Justice would handle any ethics complaints.
Senate makes last push for crypto market structure bill
The would-be final version emerged days after talks with President Donald Trump led to a deal on how Republicans would handle the conflict-of-interest section. Sources described the draft circulating on Wednesday, noting that the ethics provisions are now included but only as a stopgap. The bill is expected to run hundreds of pages, but Democratic lawmakers hadn’t seen the text yet when the crypto industry got details. Punchbowl News posted the draft.
Senate Majority Leader John Thune intends to bring the bill to the floor in the coming days before summer recess, his office told CoinDesk. With the chamber’s 60-vote threshold, at least 10 Democrats will need to support the final version. And many Democrats already have concerns about the ethics section, calling it too weak or too temporary.
New language aims to win over skeptical Democrats
The overall bill reflects work from the Senate Banking and Agriculture committees, plus a lot of new language meant to protect digital asset users and investors. The latest version includes dozens of extra pages designed to please Democrats. The Digital Chamber’s CEO, Cody Carbone, called the draft “a meaningful step toward the Senate vote.” He said the industry is ready to keep working until the bill reaches the president’s desk.
What happens next
If the bill passes the Senate, it would still need to go through the House. The temporary nature of the president’s crypto ban is likely to be a flashpoint. Some lawmakers want a permanent rule, while others argue that any ban goes too far. The DOJ’s role in policing ethics is another area of debate. The clock is ticking before summer recess, so the next few days will be critical. Whether the bill clears the Senate or stalls, this draft marks the closest Congress has come to passing a comprehensive crypto market structure law.
