This negotiation over the government’s conflict of interest issue had delayed progress on the Clarity Act by several months – now potentially beyond the window in which it could most easily become law in 2026. This week’s release of Clarity’s final working draft included the first ethics language to be openly aired, so Democrats are now responding — many of them with disdain.
Senator Elizabeth Warren, a Massachusetts Democrat who is her party’s ranking member on the Senate Banking Committee, said, “Donald Trump made over $1.4 billion from cryptocurrency ventures, and this bill does nothing to stop him from wiping out his next $1.4 billion in crypto profits,” said Senator Elizabeth Warren, her party’s ranking member on the Senate Banking Committee, referring to Trump’s announced crypto earnings for 2025. He said the president would “simply ignore the law” as proposed.
So what does language do? It temporarily bans senior government officials (including the President, Vice President, members of Congress, and federal judges) from issuing or sponsoring cryptocurrencies.
However, this excuses past activity, and there are plenty of crypto businesses that don’t check the issuance or sponsorship boxes, so it’s unlikely that Trump will be forced to give up some of his most prominent ties, such as his ownership stake in World Liberty Financial. He may have to create some legal distance for himself, such as making some investments in trusts that he cannot access directly.