The Senate is close to passing a landmark cryptocurrency legislation known as the Clarity Act, which would bring novel currencies into the nation's web of financial regulations.
Tucked away in the over 600-page package are a slate of ethics provisions that target the president, the vice president, and their spouses.
The White House signed off on the provisions, and the architects of the bill say that the restrictions reach beyond just the president and target lawmakers too.
However, Senate Democrats are not convinced that the provisions go far enough in addressing President Donald Trump's income explosion since returning to the White House.
Trump's income between 2024 and 2025 erupted by about 250% from just over $620 million to about $2.2 billion, with much of the increase attributed to his various holdings and ventures in crypto.
Democrats argue that the ethics provisions don't specifically target Trump's sons, leaving the Trump family crypto empire largely unchecked.
Senate Majority Leader John Thune acknowledged that getting the Clarity Act on the floor next week might not be possible, citing a shrinking window of opportunity to finish legislation before the year is out.
Senator Elizabeth Warren expressed her concerns, stating that the provisions don't stop the president from profiting off of crypto and using it as a way to take bribes in public.
Senator Cynthia Lummis, who led the effort on the Clarity Act, said that the idea is to serve the House, the Senate, the judiciary, and the executive branch in a fair way, but Democrats are focused on one person, President Trump.
Senator Bernie Moreno argued that the behavior being targeted is issuance, promotion, and sponsorship of crypto, but Democrats are raising issues with the provisions.
Senator Cory Booker expressed his concerns, stating that the bill is a partisan draft and that a bipartisan manner is needed to pass the legislation.
