The US Senate is expected to soon vote on a comprehensive bill to establish market structure rules for digital assets, supported by Republican lawmakers, while some Democrats continue to push for ethics provisions.
At a press conference Tuesday, Senators Chris Murphy, Jeff Merkley and Chris Van Hollen radius alongside representatives from Americans for Financial Reform and Indivisible and Hollywood actor Ben McKenzie in opposition to the Digital Asset Market Clarity (CLARITY) Act. Lawmakers said the bill did not address what they called “(Donald) Trump’s crypto corruption,” referring to the U.S. president’s ties to the industry through his memecoin, his family’s World Liberty Financial company and other businesses and investments.
“There is no reason to adopt a new regulatory system for crypto if that system does not end Trump’s corruption of the entire industry,” Murphy said. “This bill is worthless if it protects Trump’s domination of an industry that he will have more control to regulate. In fact, the bill is itself fundamental corruption if it gives Trump’s corruption the protection of the law.”
Sen. Chris Murphy (third from left) speaking to the press Tuesday with Sen. Chris Van Hollen (left). Source: Chris Murphy
The CLARITY Act has been under discussion in the U.S. Senate since it was passed by the House of Representatives almost a year ago this week as part of the Republican agenda for “Crypto Week,” during which the GENIUS stablecoin bill was also signed into law. The bill must reach a 60-vote threshold to pass the Senate and return to the House, meaning some Democrats will have to support the bill with Republicans’ slim majority in the House.
Related: ABA, State Banking Groups Push Back on CLARITY Act’s Stablecoin Yield Provisions
Van Hollen, Murphy and Merkley are not the only Senate Democrats to say they will not support the bill without a clear ethics carve-out after Trump revealed he made $1.4 billion from his crypto projects in 2025. Sen. Elizabeth Warren, an outspoken voice in the chamber against many crypto-related issues, also called for the legislation to address what it calls “blatant financial corruption.”
Despite the misgivings of many lawmakers, the CLARITY Act has the support of two law enforcement agencies. The National Organization of Black Law Enforcement Officers and the Federal Law Enforcement Officers Association supported the crypto bill, saying it would help combat digital asset crime.
Senate Majority Leader Says Vote Will Happen Before August Work Period
John Thune, Majority Leader of the United States Senate, promised to hold a vote on the crypto bill before the House recess for a state work period on August 10, according to Bloomberg. The exact time of the vote was not available on the Senate calendar Tuesday.
The CLARITY Act already has support from Trump, who on Monday urged members of the Senate to pass the bill “in honor” of Sen. Lindsey Graham, who died over the weekend. The president said the South Carolina lawmaker has been “a big supporter” of the legislation, but Graham does not appear to have made any public statements directly supporting CLARITY.
The senator’s death left Republicans with a 52-47 majority in the House, and with Sen. Mitch McConnell still hospitalized Tuesday, the party could only count 51 lawmakers present at the time of the potential vote.
Senator Cynthia Lummis, one of CLARITY’s supporters in Congress, said On Monday, lawmakers would release the text of the bill “in the coming days.”
Review: Crypto’s CLARITY Act faces partisan fight over ethics in Senate
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