The White House has agreed on an ethics package for the Digital Asset Market Clarity Act and sent the language to several Senate Republicans, Crypto in America host Eleanor Terrett reported Monday, citing multiple industry sources. The text has not been released publicly, and Democratic negotiators have not confirmed their support.
Restrictions on crypto holdings and business interests involving senior government officials have remained one of the largest barriers to a Senate vote. Democrats have sought rules covering the president, vice president, lawmakers, senior administration officials and their families, with President Donald Trump’s crypto ventures central to the negotiations.
The Senate Banking Committee advanced the bill 15-9 in May, with Democratic Sens. Ruben Gallego and Angela Alsobrooks joining all 13 Republicans. Both senators left their support for final passage dependent on further negotiations, including the ethics provisions.
Senate Vote Still Needs To Be Scheduled
The CLARITY Act is eligible for Senate floor consideration, but Majority Leader John Thune has not announced a vote or filed a cloture motion. The legislation could require 60 votes to overcome a filibuster, leaving Republicans dependent on Democratic support before the chamber begins its August recess.
Sen. Cynthia Lummis previously placed the likely floor window in late July or early August as lawmakers prepared updated CLARITY Act text. The bill had entered the summer period with ethics rules and developer protections still under negotiation.
White House crypto adviser Patrick Witt will remain involved after his scheduled Georgia Army National Guard training was deferred. Witt wrote that the change would allow him to continue working on the legislation rather than beginning a leave of absence near the end of July.
Bill Divides SEC And CFTC Oversight
The House passed H.R. 3633 by a 294-134 vote in July 2025. The Senate version would place registered exchanges, brokers and dealers handling digital commodities under Commodity Futures Trading Commission oversight while preserving Securities and Exchange Commission authority over securities offerings, investment contracts and issuer disclosures.
The package includes registration, disclosure, anti-fraud, custody and market-integrity requirements for digital asset intermediaries. It also applies Bank Secrecy Act obligations to covered exchanges, brokers and dealers, including customer identification, anti-money laundering controls and suspicious-activity reporting.
Customer-property provisions would classify ancillary assets and digital commodities as customer property in Chapter 7 bankruptcy proceedings. Broker-dealers would also need to disclose how digital commodities, payment stablecoins and securities would be treated during insolvency, resolution or liquidation.
Any Senate amendments must be reconciled with the House version before identical legislation can reach Trump for signature.
