Clarity Act Supporters Add Ethics Rules to Save Senate Bill
Sen. Cynthia Lummis (R-Wyo.) released an amended draft of the Clarity Act on Wednesday (July 22), saying it includes a ban on federal officials issuing or sponsoring digital assets and that she aims to reach a deal with Democratic senators within days.
It was reported July 17 that Democratic senators’ reservations around ethics issues and President Donald Trump’s involvement with crypto ventures were among the hurdles facing the Clarity Act.
On Monday (July 20), it was reported that with the Senate’s August recess approaching and the 2026 midterm calendar beginning to compress legislative time, the crypto market structure bill was facing the risk of stalling.
When announcing the amended bill in a a Wednesday post on X, Lummis said: “I want to thank my Democratic colleagues for their important contributions to this draft, and express my commitment to reaching a deal in the coming days that will allow this legislation to become law. Consumer protection and pro-innovation policy aren’t opposites — this bill proves it.”
In another Wednesday post on X, Lummis said the amended Clarity Act bans all federal officials, including the president, from issuing or sponsoring a digital asset.
“History will remember this as the moment a president chose a higher standard of ethics than the law required of him,” Lummis said in the post. “This agreement bans ALL federal officials — including the President — from issuing or sponsoring a digital asset for profit, with real enforcement and real penalties. Thank you, [President Donald Trump]. Let’s get the Clarity Act passed NOW!”
The official account for Republican staff of the Senate Banking Committee noted Lummis’ release of comprehensive market structure legislation in a Wednesday post on X, saying: “The Clarity Act protects investors, combats illicit finance, and keeps innovation in America.”
Coinbase CEO Brian Armstrong said in a Wednesday post on X that the Clarity Act is ready for a full Senate floor vote and that it represents a bipartisan compromise reached after thousands of hours of work on both sides.
Armstrong said the bill provides a federal framework for crypto that includes strong consumer protections, tools for law enforcement and a path for America to lead in the crypto industry.
“We, with fingers crossed, I think in the next few weeks, we have a good chance of getting this bill to the full Senate floor,” Armstrong said in a video included in the post.
