Republicans target Trump's crypto empire with new plan, Dems say it falls short - Fox News

What the report says

Fox News reports that Senate Republicans are trying to move the Clarity Act, a major cryptocurrency regulatory bill, while adding ethics language aimed at limiting digital-asset conflicts involving President Donald Trump, the vice president, their spouses and other federal officials. Sen. Cynthia Lummis, R-Wyo., who is leading the effort, said the legislation is intended to create broader rules for government rather than focus only on Trump.

According to Fox, the ethics provisions in the more than 600-page package would bar covered officials from launching a digital currency for personal profit or promoting crypto, require disclosure of crypto sales, and create a requirement to divest or use a blind trust one year after enactment. Sen. Bernie Moreno, R-Ohio, said the targeted conduct includes issuing, promoting and sponsoring digital assets. The White House has signed off on the provisions, Fox reported.

Democrats argue the language is too narrow. Sen. Elizabeth Warren, D-Mass., said the measure would not adequately prevent a president from profiting from crypto while in office. Fox reported that Trump’s income rose from just over $620 million to about $2.2 billion between 2024 and 2025, with much of the increase tied to crypto ventures including the $TRUMP memecoin, World Liberty Financial token sales and Stablecoin Holdco. Democrats also object that the provisions do not specifically cover Trump’s sons, place enforcement with Acting Attorney General Todd Blanche, and expire on Jan. 20, 2029.

The dispute is slowing the bill’s path in the Senate ahead of the August recess. Senate Majority Leader John Thune, R-S.D., said he may not be able to finish the legislation immediately but wants to begin floor action.