Democratic lawmakers are focusing on Trump's personal financial interests as they negotiate the ethics component of the crypto market structure bill.
By Jesse Hamilton|Edited by Nikhilesh De Jul 13, 2026, 5:49 p.m. 4 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on President Donald Trump's crypto wealth significantly impacts Democratic lawmakers' views on the Clarity Act. (Jesse Hamilton/CoinDesk)SummaryShow- Democrats are focusing on President Donald Trump's sizable crypto wealth while deliberating on the Clarity Act's provisions to prevent conflicts of interest among government officials.
- A revised bill draft is anticipated soon, as time is running out for the Senate to push forward with this crucial crypto legislation, although disagreements remain regarding the ethics section.
- Trump is expressing a desire for the Clarity Act to be enacted, despite previously emphasizing that Congress should prioritize his voting legislation.
President Donald Trump's announcement that his wealth has surged by approximately $1.4 billion due to his crypto ventures is heavily influencing the current discussions among Democrats regarding the inclusion of measures to prevent conflicts of interest in the proposed Digital Asset Market Clarity Act.
During a recent briefing for Senate Democrats, ethics and anti-corruption advocates, led by Senator Chris Murphy, argued that Trump should not be allowed to profit further from an industry that his administration oversees. They proposed that the ethics provision of the Clarity Act should encompass not only government officials but also their immediate family members, imposing restrictions on ownership and disclosure requirements.
This ethics component is one of the final aspects to be resolved before the Clarity Act can proceed to a Senate vote. With the summer recess approaching, industry stakeholders are eagerly awaiting the latest draft of the bill, expected in the coming days, though it is unlikely to fully address the contentious ethics section and other unresolved matters.
Previously, bipartisan discussions hinted at the possibility of delaying the implementation of ethics rules to avoid immediate repercussions on Trump's extensive crypto investments, suggesting that restrictions would apply only to government officials. However, insiders report that negotiations have recently stalled, particularly with the Senate's limited time before the summer break and the looming midterm elections.
The Senate reconvenes this week, facing a tight schedule before its major recess. Senate Majority Leader John Thune has indicated a willingness to advance a vote on the Clarity Act this month, irrespective of its form. The ongoing discussions are now complicated by Trump's recent financial revelations, which include substantial earnings from crypto asset sales and associated revenues.
On Monday, several Senate Democrats announced plans to hold a press conference to voice their opposition to the Clarity Act, criticizing it for failing to curb what they describe as Trump’s “corrupt crypto schemes.” Senator Murphy will join Senators Chris Van Hollen and Jeff Merkley at this event, which aims to spotlight their concerns about the growing political corruption tied to the crypto industry's influence in Washington.
Senator Kirsten Gillibrand, involved in the ethics discussions, highlighted that Trump's most significant income stream for 2025, amounting to $636 million, originated from a memecoin he issued. She and her fellow Democrats are advocating for legislation that would prohibit presidents from issuing or endorsing any digital assets.
Gillibrand stated, "We cannot allow self-dealing to undermine efforts to enhance consumer protections, combat illicit finance, and broaden economic opportunities for the millions of Americans who have been marginalized by our financial system.” She added, “The time to act is now — and this must include ethics reforms that prevent members of Congress, the president, and their spouses from profiting from their positions."
For the Clarity Act to pass, it will require significant Democratic support alongside Republican backing to achieve the necessary 60 votes in the Senate; however, Gillibrand and other Democrats insist that the bill cannot progress until the ethics issues are resolved.
It remains uncertain what concessions Trump might consider to facilitate the passage of the Clarity Act, although he indicated on Monday that it remains a priority for him personally. After the unexpected death of his ally, Senator Lindsey Graham, Trump remarked on his social media platform that the Clarity Act should be approved in Graham's memory, despite Graham's lack of involvement in the ongoing negotiations. Senator Cynthia Lummis, a Republican who advocates for crypto, also expressed her support for Trump's stance.
Trump's recent endorsement of the Clarity Act contrasts with his earlier legislative position, in which he refused to support a bipartisan housing affordability bill, insisting that Congress must first address his priorities concerning voter identification and proof of citizenship. His calls for the passage of the Clarity Act may indicate a willingness to make an exception regarding crypto legislation.
White House crypto advisor Patrick Witt remarked on social media that this week is crucial for the Clarity Act, coinciding with the one-year anniversary of the industry's first major policy bill regulating stablecoin issuers. He noted that this timing serves as a reminder of the extensive efforts that have gone into this bill and the time already lost.
Read More: Newest version of crypto Clarity Act may drop as soon as next week, sources say
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Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
By CoinDesk Research7 hours agoCEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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