Senate proposal restricts presidents and spouses from crypto ventures until 2029, targeting Trump’s $1.2 billion earnings from digital assets.
A new draft of the Clarity Act introduces a temporary ban on U.S. officials and their spouses issuing or sponsoring cryptocurrencies while in office. The provision, set to expire on January 20, 2029, follows reports that former President Donald Trump earned over $1.2 billion from crypto ventures last year, including meme coins and World Liberty Financial.
The 616-page bill leaves enforcement to the Justice Department and does not extend restrictions to officials’ children. It also preserves the Blockchain Regulatory Certainty Act, shielding non-custodial developers from being classified as money transmitters. Democrats are expected to push back on the sunset clause and limited scope.
The ethics provision arrives amid broader debates over crypto regulation, with the bill’s final version now circulating in the Senate. Market participants are watching for potential amendments before a vote.