The US Senate is preparing for a floor vote on the Clarity Act during the week of July 20th, 2026, a landmark cryptocurrency bill developed over 10 months to bring regulatory certainty and stability to the US crypto markets. Senate Digital Assets Subcommittee Chair Cynthia Lummis emphasized the bill’s importance for encouraging onshore crypto business before the August recess.

Embedded within the over 600-page legislation are ethics provisions targeting President Donald Trump, the vice president, and their spouses. These provisions include prohibitions on federal officials creating digital currencies for profit, promoting or endorsing cryptocurrencies, and require divestiture or blind trusts for digital asset holdings within a year of enactment. Officials would still be allowed to own crypto, but must disclose sales.

President Trump’s income reportedly surged by $1.4 billion in his first year back in office, largely due to earnings from ventures such as the $TRUMP memecoin, World Liberty Financial token sales, and Stablecoin Holdco. Overall, his income increased 250% to $2.2 billion, primarily from crypto-related sources.

Despite these measures, Senate Democrats remain unconvinced. They argue that the Clarity Act’s ethics provisions fall short, criticizing the focus on one individual and calling for legislation that fairly serves all branches of government over time. As one Democratic perspective noted, “But for now, it’s not enough for Senate Democrats.”

President Trump has also agreed to the choice of placing his digital assets in a blind trust or divesting from companies deriving revenue from digital assets, yet this concession has not satisfied critics.

Meanwhile, President Trump was visiting his Trump Turnberry golf course and Trump International Golf Links in Scotland from July 25 to 29, 2026. Notably, on July 27, 2025, he and European Commission President Ursula von der Leyen announced a US-EU trade deal at Trump Turnberry golf club.

Sources