A new version of the Digital Asset Market Clarity Act is making the rounds in Washington. The would-be final draft, which surfaced earlier this week, includes a hotly debated section that bans the president and other top officials from direct crypto ties. But the ban is only temporary — it is set to expire in 2029. And enforcement would fall to the Department of Justice, according to sources who have seen the draft.
Deal reached after talks with Trump
The language emerged just days after lawmakers reached a deal with President Donald Trump on how to handle the ethics conflict. Republicans had been pushing for a final version, and the temporary nature of the ban appears to be a compromise. The provision covers not only the president but also senior government officials, though critics note it leaves plenty of room for future administrations to change course.
Democrats still in the dark
While crypto industry groups received details of the bill — which runs hundreds of pages — Democratic lawmakers had not yet seen the final text. That matters because the Senate needs at least 10 Democratic votes to reach the 60-vote threshold required for most legislation. Many Democrats were already unhappy with what they heard about the ethics section. The overall bill reflects work from the Banking and Agriculture committees, plus additional language aimed at protecting digital asset users and investors.
Senate floor action expected soon
Senate Majority Leader John Thune intends to bring the bill to the floor in the coming days, before summer recess. His office confirmed the plan on Wednesday. The latest draft includes dozens of pages of extra material designed to appeal to Democrats. Whether it succeeds remains unclear.
Digital Chamber CEO Cody Carbone called the draft “a meaningful step” toward a Senate vote. He added that the industry is ready to keep working until the bill reaches the president’s desk. But with the clock ticking and political hurdles still in place, nothing is certain yet.
