The US Senate has released a new draft of the "Clarity of the Digital Asset Markets Act." Foreign media reports that this text merges two versions previously pushed forward by the Senate Banking Committee and Agriculture Committee, and for the first time includes ethical provisions for senior government officials issuing or supporting cryptocurrencies. The focus now is not on the bill's framework itself, but rather on whether it can reach a vote before the August recess.
The new draft includes ethical clauses.
The new version attempts to address the controversy surrounding Trump's crypto business. According to the current text, senior government officials involved in such businesses must complete a divestiture within one year, or place the business under a blind trust managed by the U.S. Department of Justice.
However, the Democrats did not accept this arrangement. The article states that Democrats want more binding provisions that directly limit Trump's ability to profit from related crypto projects. Opponents also worry that if enforcement relies on the Department of Justice, it will be difficult to truly implement during Trump's presidency.
Furthermore, the existing provisions have been criticized for their time-limited nature. Once the next president takes office, the restrictions will expire, and future governments will not be able to retroactively process any gains made by Trump during his presidency. Trump may still continue to benefit from tokens that already exist and bear his name or image.
The two parties are still working towards a final consensus.
Supporters argue that this is a rare example of a strict ethical arrangement at the US presidential level. Senator Cynthia Lummis and others stated that the provisions apply not only to the president but also to other senior officials and federal judges. White House advisor Patrick Witt also called it one of the broadest ethical provisions ever adopted by a US president.
However, foreign media outlets point out that the real obstacle to the bill is political reality. With the midterm elections approaching, Trump's claim that he earned approximately $1.4 billion from his crypto business last year provides Democrats with a clear campaign issue. Meanwhile, not all Republicans support the existing text, and some Republican lawmakers have also raised concerns.
Senate Banking Committee Democratic Leader Elizabeth Warren has publicly opposed the bill. She believes the bill has problems with investor protection, national security, and Trump's interests, and even stated that it "should not go to the stage of consideration."
This week is a critical period for program startup.
The article argues that whether a motion to proceed to consideration is introduced early this week will be the first key signal if the bill is to pass the Senate before the summer recess. If the motion is submitted by next Wednesday, the Senate will theoretically still have time to complete a vote before the August 7 recess.
According to US Senate procedures, after a motion to proceed to deliberation is introduced, a vote to end debate on the text of the alternative amendment is required before the bill can be voted on in its final vote. Sources familiar with the matter say that if the motion to proceed to deliberation receives 60 votes, it at least indicates that the bill still has room to move forward and that the two parties are not far from a compromise.
Foreign media, citing industry sources, say a more realistic timeline is to begin the process this Monday or Tuesday, with a vote as early as later next week, and the crucial vote to end the debate likely to take place the week of August 3. To keep pace with this, lawmakers will most likely need to reach an agreement on the ethics clauses by July 30.
The Senate agenda remains a variable.
Besides the bill itself, the Senate also has several nominations to process, as well as other pressing issues such as sanctions against Russia and Iran. This means that even if the text continues to be drafted, the actual time available for crypto legislation is not much.
The article notes that most industry professionals, bipartisan advisors, and stakeholders contacted hope the bill will continue to move forward during this legislative session. However, until the ethics provisions are finalized, this legislation, considered the core of the US crypto market framework, remains in its final sprint.
