Trump Accepts Ethics Rules to Advance Senate Crypto Bill

The United States Senate is scheduled to hold a procedural cloture vote on Tuesday, September 15, to determine if the Digital Asset Market Clarity Act can advance. To break a months-long deadlock, Donald Trump agreed to approximately 80% of a bipartisan ethics package. The compromise requires federally elected officials, judges, and their spouses to either divest significant financial interests in cryptocurrency-issuing entities or place them in qualified blind trusts. Trump also consented to bar himself and First Lady Melania Trump from issuing digital assets, such as meme coins.

To secure support from Democrats and Senator Thom Tillis, the president accepted a meaningful enforcement role for state attorneys general, allowing them to prosecute violations if the Department of Justice refuses to do so. Lead author Senator Cynthia Lummis released a revised draft incorporating over 114 Democratic requests, including a Treasury Department circuit-breaker on stablecoin rewards to protect community bank deposits.

Despite these concessions, opposition remains. Senator Elizabeth Warren characterized the ethics provisions as a weak fig leaf with loopholes that would allow Trump to continue earning billions from ventures like World Liberty Financial. Senator Ruben Gallego noted the language still leaves a lot to be desired, and some Democrats are preparing a counterproposal. The bill requires 60 votes to proceed; with Republicans holding 53 seats, supporters need at least seven Democratic votes to avoid closing the legislative window before the November midterms.