White House agrees to new ethics language in crypto bill

The White House has agreed to new ethics language in the Clarity Act ahead of a key vote on the cryptocurrency regulation bill in the Senate on Tuesday.

The provision, which bars public officials from issuing or sponsoring digital assets, could be enforced by both state attorneys general and the Department of Justice (DOJ) under updated language released by Senate Republicans late Sunday.

This was a key demand from Democrats, whose support is needed to clear Tuesday’s procedural vote on the Senate floor.

“After a year of intense daily bipartisan negotiations, this bill is ready,” Sen. Cynthia Lummis (R-Wyo.) said in a statement.

It’s unclear whether the updated ethics provision will be enough to win over key Democrats. A Senate GOP aide said Sunday that Trump agreed to about 80 percent of what was requested.

Democrats have long sought an ethics provision in the Clarity Act in the face of concerns about President Trump and his family’s involvement in the crypto industry .

The White House agreed to ethics language in late July, but Democrats pushed back on the decision to put the DOJ in charge of enforcement.

“A no vote on Tuesday means opposing real ethics reforms on politicians’ personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets,” Lummis added. “Democrats got what they wanted; now they need to take yes for an answer.”