Full Breakdown
Trump Agrees to New Ethics Provisions in Revised Crypto Bill
By Drooid · · How we work
Core Event: Senate Releases Revised Clarity Act with Trump Ethics Concessions
On September 14, Senate Republicans unveiled a revised draft of the Digital Asset Market Clarity Act (the “Clarity Act”). The text adds ethics language that President Donald Trump has accepted, covering divestiture or blind-trust placement of “significant” crypto holdings and barring the president, federal officials, judges and their spouses from issuing digital assets. The revision also gives state attorneys general a “meaningful role” in enforcing the rules. A procedural cloture vote is scheduled for Tuesday, requiring 60 votes to advance debate.
Background & Context
The Clarity Act, first introduced in 2022, seeks to assign oversight of digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission, replacing a fragmented regulatory regime. Earlier versions lacked enforceable conflict-of-interest safeguards, prompting opposition from Democrats and some Republicans. President Trump’s personal crypto portfolio—reported at $1.4 billion to $2.2 billion—had become a focal point, as existing federal ethics rules do not typically bind the president. Negotiations led by Senators Cynthia Lummis (R-WY), Tim Scott (R-SC) and John Boozman (R-AR) produced the revised language.
Data & Statistics
- President Trump’s crypto-related revenue: $1.4 billion–$2.2 billion for the most recent year.
- World Liberty Financial, a DeFi venture linked to the Trump family, generated more than $500 million in revenue.
- Market reaction to the ethics agreement: Bitcoin rose 1.3 % to about $77,700, while the HYPE token gained over 3 %.
Official Statements & Responses
Senators Lummis, Boozman and Scott said the final text reflects conflict-of-interest rules proposed by Senators Thom Tillis (R-NC) and Ruben Gallego (D-AZ). Treasury Secretary Scott Bessent urged lawmakers to move the bill forward, emphasizing the need for regulatory clarity for the $2.3 trillion crypto market.
Criticism & Opposition
Democratic leaders argued the original draft lacked sufficient safeguards. Maryland Senator Angela Alsobrooks stressed the necessity of state-attorney-general enforcement, stating she would not support legislation without it.
Conflicting Reports & Gaps
Sources differ on the exact magnitude of President Trump’s crypto earnings. Euronews cites a range of $1.4 billion to $2.2 billion, while other reports reference a single figure of $1.4 billion. No source provides a definitive breakdown of holdings that would trigger the “significant” threshold for divestiture or blind-trust placement.
Verbatim Quotes
- “President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history,” — Senator Cynthia Lummis
- “We need the state attorneys general to also have the power to prosecute if the Department of Justice refuses to,” — Sen. Angela Alsobrooks
What’s Next
The cloture motion on Tuesday will determine whether the Senate can proceed to debate the Clarity Act. With Republicans holding 53 seats, at least seven Democrats must join them to reach the 60-vote threshold. Subsequent steps include amendment votes, final passage in the Senate, and reconciliation with the House version passed in July 2025.
Separately, the European Commission’s consultation on the Markets in Crypto-Assets Regulation (MiCA) closes on September 30, potentially influencing U.S. deliberations on decentralized-finance oversight. Senator Lummis warned that failure to pass the bill now could push comprehensive crypto regulation into the next decade.