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

Embedded within the over 600-page Clarity Act are ethics provisions targeting President Donald Trump, the vice president, and their spouses. These include prohibitions on federal officials creating digital currencies for profit, restrictions on promoting or endorsing cryptocurrencies, requirements for divestiture or blind trusts within one year of enactment, allowances for officials to own crypto, and mandatory disclosures of crypto sales.

Since returning to office, President Trump’s income has surged by 250% to $2.2 billion, largely driven by crypto ventures such as the $TRUMP memecoin, World Liberty Financial token sales, and Stablecoin Holdco. Senate Republicans aim to address this income growth through the legislation.

However, Senate Democrats remain unconvinced that the Clarity Act’s ethics provisions go far enough. They express concern that the plan focuses too heavily on one individual—President Trump—rather than establishing broad, fair regulations that serve all branches of government over time. As one Democratic perspective noted, "So since President Trump actually agreed that he would have the choice to either put his assets in a blind trust, or divest of his participation in digital assets and companies that derive revenue from digital assets, somehow, that's not enough."

The legislation’s proponents argue that if passed, the Clarity Act would finally integrate cryptocurrency into the nation’s existing financial regulatory framework, addressing issuance, promotion, and sponsorship of crypto activities.

Meanwhile, President Trump has been 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 U.S.-EU trade deal at Trump Turnberry golf club.

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