Trump Agrees to a Code of Ethics Provision Agreement, Clearing the Final Hurdle for a Legislative Vote on the CLARITY Act

This week, President Trump has officially agreed to the contents of a code of ethics provisions agreement, which not only brings the cryptocurrency bill one step closer to passage, but also clears the final hurdle for the subsequent legislative vote on the CLARITY Act.

Insiders said that after months of protracted tug-of-war negotiations, both sides finally reached consensus on the final contents of the code of ethics provisions late Monday night.

The core of this dispute mainly focused on Trump’s meme coin and his family company, World Liberty Financial (WLF). The family earned a large amount of income from crypto projects last month, further intensifying bipartisan debate over code of ethics safeguards.

And last Thursday, Trump had held a meeting with Republican senators Bernie Moreno and Cynthia Lummis, as well as White House crypto adviser Patrick Witt, to discuss the matter. At that time, the provision had not yet reached agreement, but Trump still agreed to the deal on Monday this week.

The code of ethics provisions have long been the final hurdle before the CLARITY Act could be passed. That’s because the legislation would, for the first time, comprehensively regulate the digital asset industry at the federal level, and would grant the U.S. SEC and CFTC broader jurisdiction.

Over the past year, lawmakers and the White House have been negotiating this code of ethics provisions, with the goal of limiting federal officials—including the president, vice president, and members of Congress—from profiting from digital assets during their terms in office.

The bill text is expected to be released in the next few days, after which the Senate may vote. The Senate only has time during the first week of August to vote on the bill.

If the Senate passes it, the bill will return to the House of Representatives and ultimately be submitted to Trump for signature. Insiders said the bill text could be released as early as late Monday night, but it could also be slightly delayed. However, the longer the waiting period is, the higher the likelihood that the bill will gain bipartisan support.

#Cryptocurrency Regulation