Senate Republicans released the Clarity Act text on Wednesday. The 616-page bill adds ethics rules that bar public officials, including the President, from issuing or sponsoring digital assets while in office.
The Digital Asset Market Clarity Act, formally H.R. 3633, sets a federal framework for crypto market oversight. Wednesday’s release moves the bill closer to a Senate floor vote, though Democratic support remains uncertain.
Clarity Act Text Adds an Ethics Ban for Officials
Section 13152 of the bill prohibits covered individuals from issuing or sponsoring a digital asset in exchange for consideration. The ban covers the President, Vice President, and members of Congress, plus their spouses, during their terms of service.
A safe harbor protects officials who place earlier crypto interests in qualified blind trusts or divest them. The ethics agreement sunsets on January 20, 2029.
The language answers a core Democratic demand after weeks of deadlock over the ethics package. Reports of the deal earlier this week added $63 billion to the crypto market cap.
Thune Eyes Senate Floor Vote Within Weeks
Senate Majority Leader John Thune plans to bring the bill to the floor in the coming weeks. It needs 60 votes, so Republicans must win over roughly seven Democrats before the August recess.
President Donald Trump has repeatedly pressed the Senate to pass the bill. However, fresh friction emerged on Wednesday.
Twelve Senate Democrats, including Sens. Martin Heinrich and Adam Schiff, urged negotiators to limit the spread of prediction markets under the bill. Their letter says unvetted Decentralized Finance (DeFi) betting protocols infringe on tribal gaming rights under the Indian Gaming Regulatory Act (IGRA), the 1988 law governing gambling on tribal lands.
“Clarity bill text is out. Released by GOP senators- not clear if it’s going to get Dem support. Still going through all 616 pages, but bill would ban all elected officials – including president- from issuing digital assets…” Emily Wilkins flagged the open question of Democratic support.
Beyond ethics, the text divides oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Whether the concession delivers seven Democratic votes should become clear once floor action is scheduled.
Source: BeInCrypto
