Senate crypto bill would ban federal officials — including presidents — from issuing digital assets - CNBC

What the report says

CNBC reported that Senate Republicans have released an updated version of the Clarity Act, a major digital-assets market bill that would for the first time restrict presidents and other federal officials from issuing or sponsoring cryptocurrency and other digital assets. The revised measure, led by Sen. Cynthia Lummis, R-Wyo., includes ethics provisions and bans on crypto use in illicit transactions. Senators could take up the bill within the next two weeks, before Congress leaves Washington for much of August.

Under the version described by CNBC, the Department of Justice would enforce the ethics ban and could impose fines of up to $250,000 per day. Sen. Bernie Moreno, R-Ohio, told CNBC that President Donald Trump approved the ethics section. CNBC noted Trump reported about $1.2 billion in crypto-related income during his first year back in office, including proceeds tied to World Liberty Financial, a company co-founded by members of his family.

The bill faces uncertain prospects because it needs 60 Senate votes. Sens. Angela Alsobrooks, D-Md., and Ruben Gallego, D-Ariz., who previously supported the measure in committee, said they oppose the new version, arguing the ethics language is too weak and that the Justice Department should not be the main enforcer. Gallego said a bipartisan group is preparing alternative ethics provisions.

The debate comes as crypto firms such as Coinbase and Ripple seek a national regulatory framework, while banking groups continue to warn that parts of the bill could undermine traditional lending. The outcome could shape both federal crypto oversight and conflict-of-interest rules for public officials.