Trump's crypto riches loom over Clarity Act talks to ban conflicts for U.S. officials
CoinDesk 2026-07-13 17:49:10
Context: Democrats in the US Senate are discussing the crypto Clarity Act, a bill aimed at regulating the crypto market, but are hesitant to pass it without stricter ethics provisions to prevent conflicts of interest for government officials. The talks have been complicated by President Donald Trump's recent disclosure of his crypto wealth, which has increased by $1.4 billion. The Senate is running out of time to advance the bill before the summer recess.
Key Facts
- President Donald Trump's crypto wealth, which has increased by $1.4 billion, is a major factor in Democrats' discussions about the ethics provision in the crypto Clarity Act.
- Senator Chris Murphy and ethics advocates have suggested that Trump needs to be prevented from further profiting from the industry his administration is regulating, and that the ethics section of the bill should extend to officials' family members.
- Senator Kirsten Gillibrand has noted that Trump's largest single 2025 income stream, $636 million, came from issuing a memecoin that bore his name, and has pushed to make it illegal for presidents to issue or sponsor digital assets.
- The Senate is expected to release a new draft of the Clarity Act in the next couple of days, but it is unclear whether it will include completed language on the ethics provision.
- Senate Majority Leader John Thune has suggested that he will press forward with a Clarity vote this month, despite the ongoing debates and the dwindling available calendar for action in the Senate before the summer recess.