CLARITY Act Faces Ethics Hurdle in Senate Markup
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- President Trump had close ties to the crypto industry before taking office in Jan 2025, launching the memecoin Official Trump (TRUMP) and the family’s crypto firm World Liberty Financial; Forbes says his personal fortune rose by about $1.2 billion by July 2025 from those ventures.
- Senator Tim Scott, chair of the Senate Banking Committee, warned that the committee cannot address concerns about Trump’s crypto ties during markup and that the ethics issue must be resolved by the Senate Ethics Committee before a floor vote.
- Senator Tillis stated in April he will not back any legislation without a bipartisan agreement on the ethics provision.
- Senator Cynthia Lummis, the bill’s Senate champion, urged colleagues to vote for the CLARITY Act on Thursday, emphasizing momentum from both parties.
- Cody Carbone, CEO of The Digital Chamber, said ethics will be tackled on the floor, not within the banking committee’s jurisdiction, and does not expect it to delay the markup.
Why it matters: Crypto firms and investors risk losing a clear market framework if the Senate ethics hold stalls the CLARITY Act, keeping the industry in regulatory limbo.
