The CLARITY bill has been released in full across 616 pages; officials will not be allowed to issue tokens until 2029.

Senate Republicans release the full text of the 616-page CLARITY Act, including what the White House calls the broadest and most comprehensive ethics provisions in history: all federal officials and their spouses are prohibited from issuing or sponsoring digital assets, with the ban automatically expiring on January 20, 2029—when Trump’s second term ends.
(Background: Trump signals openness to allow the “ethics provisions,” as the crypto bill CLARITY Act pushes for a Senate vote)
(Additional context: Breaking: U.S. Senate Republicans unveil a revised “Clarity Act” clarity bill—five key regulatory takeaways in one view)

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• Scope covered by the ethics provisions
• The bill still needs 60 votes
• A vote is imminent this week

On July 22, the U.S. Senate Republicans released the 616-page full text of the “Clarity in Digital Assets Markets Act” (CLARITY Act), which includes ethics provisions described by the White House as the broadest and most comprehensive in history.

According to the bill text, all federal officials, government employees, and their spouses will be prohibited from issuing or sponsoring any digital assets. Crypto trading platforms are also barred from listing tokens issued or sponsored by officials.

Ethics provisions cover the scope

The bill’s leading advocate, Senator Cynthia Lummis, said the ethics provisions also apply to President Trump. Last year, Trump earned more than $1.4 billion from crypto investments, drawing attention from many colleagues.

The ban is not permanent; it will automatically expire on January 20, 2029, the day Trump’s second term ends.

On enforcement, the U.S. Attorney General will serve as the primary enforcer, rather than state authorities. Senator Angela Alsobrooks told Politico: “Without that clause I wouldn’t support it, but we’ll move forward from that foundation to ensure everyone is held accountable.”

The bill still needs 60 votes

The CLARITY Act is currently awaiting a vote in the Senate, after which it will go back to the House, and potentially to Trump’s desk. To reach the 60-vote threshold, it still needs support from digital-asset-friendly Democrats.

Multiple Democrats have already said they won’t vote for a bill without strong ethics provisions. Some describe the president’s crypto dealings as “crypto corruption.”

Notably, the ethics provisions in the bill appear to not cover officials’ children. Trump’s three sons are co-founders of the family crypto firm World Liberty Financial, and two of them also founded the bitcoin mining company American Bitcoin.

A vote is imminent this week

A report says Senate Majority Leader John Thune plans to bring the CLARITY Act up for a vote in the Senate next week, even though it is still unclear whether Democratic support will be sufficient.

Kristin Smith, director of the Solana Policy Research Institute, responded: “Ethics aren’t the only battlefield. The Senate has joined a complete disclosure regime, an entire unlawful-finance section of the bill, and improved spot-market oversight. The Senate has a chance to pass market-structure legislation that is durable and bipartisan.”