U.S. Senate Republicans unveiled a revised Clarity Act on July 22 that would bar the president, vice president, and certain lawmakers from issuing or sponsoring digital assets until January 2029, addressing ethics concerns that had stalled the legislation. The Justice Department would enforce the ban, with fines of up to $250,000 per day for violators. President Donald Trump, who earned roughly $1.4 billion from crypto ventures in 2025 — including about $580 million from World Liberty Financial — signed off on the ethics provisions.
Democrats had demanded conflict-of-interest safeguards, delaying the bill's progress after it cleared the House in July 2025 and the Senate Banking Committee in May 2026. A cloture motion is expected before August 8, and Senate Majority Leader John Thune anticipates a vote within weeks.
The broader measure also restricts stablecoin rewards on idle balances and requires digital asset exchanges to comply with the Bank Secrecy Act. Analysts project up to $8 billion in XRP ETF inflows if the legislation passes.