CLARITY Act Draft Bars US Officials From Issuing Tokens Until 2029 As Senate Push Builds

A revised draft of the Digital Asset Market CLARITY (CLARITY) Act would temporarily bar US federal officials, including President Donald Trump, from issuing or sponsoring digital assets until Jan. 20, 2029, marking one of the strongest ethics proposals yet for the crypto industry.

The updated Senate draft has reignited debate in Washington as lawmakers prepare for a possible floor vote. At the same time, Coinbase CEO Brian Armstrong, CFTC Chairman Mike Selig and Senator Cynthia Lummis have all publicly urged Congress to move the legislation forward, arguing that clear crypto rules are now urgently needed.

The proposed ethics provisions apply to the president, vice president, members of Congress, federal judges and other covered federal officials, along with their spouses. During their time in office, they would be prohibited from issuing or sponsoring digital assets for compensation.

Crypto exchanges would also be barred from knowingly listing tokens issued in violation of the rules. The restrictions would remain in force until the end of Trump’s current presidential term in January 2029.

Senator Cynthia Lummis, one of the bill’s strongest supporters, said the new language applies equally to everyone in government, including the president. In a post on X, she wrote, “History will remember this as the moment a president chose a higher standard of ethics than the law required of him.”

History will remember this as the moment a president chose a higher standard of ethics than the law required of him. This agreement bans ALL federal officials — including the President — from issuing or sponsoring a digital asset for profit, with real enforcement and real… pic.twitter.com/zYlD0nRGjB

— Senator Cynthia Lummis (@SenLummis) July 22, 2026

Coinbase CEO Brian Armstrong also renewed his push for the legislation, saying the negotiations have largely been completed and the bill is ready for a Senate floor vote. Calling it a bipartisan compromise shaped by thousands of hours of work, Armstrong argued that the lack of a clear federal framework continues to push crypto businesses overseas and expose consumers to unnecessary risks.

The Clarity Act is ready for a full Senate floor vote.

The bill represents a true bipartisan compromise with thousands of hours of work on both sides, and it couldn’t come at a better time. The status quo in the U.S. isn’t working. There’s no federal framework, so bad actors… pic.twitter.com/8HQvp8iSrw

— Brian Armstrong (@brian_armstrong) July 22, 2026

CFTC Chairman Mike Selig echoed that message following the release of the revised Senate draft. After meeting Senator Ashley Moody, he posted on X that they discussed “the importance of regulatory CLARITY for crypto asset markets to ensure the new frontier of finance is built in the United States.”

The revised CLARITY Act also retains provisions defining the regulatory roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission, while incorporating elements of the Blockchain Regulatory Certainty Act, stablecoin measures and other market structure reforms. However, several issues, including ethics enforcement and bipartisan support, still need to be resolved before the legislation can advance.

With Congress expected to begin its recess in the coming weeks, lawmakers have only a limited window to secure the 60 votes needed in the Senate. Supporters believe the strengthened ethics package could help win broader backing, but Democratic lawmakers have indicated they will closely examine the final language before deciding whether to support the bill.

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