Senate Crypto Bill Nears Vote as Lummis Praises Trump’s Ethical Concessions

Republican Senator Cynthia Lummis has lauded President Donald Trump for committing to the most rigorous ethical constraints in order to advance the Clarity Act.

The senator, a prominent advocate for digital assets, stated on Monday that Trump concurred with stricter regulations granting state attorneys general the authority to litigate violations of conflict-of-interest rules against federal officials.

Lawmakers are scheduled to cast their votes on the Clarity Act tomorrow. The legislation seeks to establish clear regulatory boundaries, categorizing digital assets as securities, commodities, or stablecoins—criteria long demanded by cryptocurrency industry executives.

Lummis noted, “In July, Trump voluntarily subjected himself, the Vice President, all federally elected officials, judges, and their spouses to the most stringent ethical standards in the nation’s history. Many in Washington would never have agreed to such terms. Although Democrats initially sought independent external enforcement rather than relying solely on the DOJ, Trump returned to the negotiations and provided further concessions.”

She further warned, “A rejection of this bill tomorrow would obliterate the most stringent ethical reform ever enacted, eliminate consumer protections for every American holding digital assets, and cede the future of this industry to international competitors.”

Lummis, alongside Senators John Boozman and Tim Scott, unveiled a revised version of the Clarity Act on Sunday evening, which grants attorneys new enforcement capabilities.

A revised draft of the Clarity Act, which prohibits government officials from promoting or profiting from cryptocurrency, began circulating in July; however, Democrats argued that additional modifications were necessary.

While President Trump campaigned on a platform designed to bolster the cryptocurrency sector, several Washington lawmakers have criticized the Trump family’s financial gains from digital asset ventures, including the President’s memecoin, $TRUMP, and the World Liberty Financial project.

The Trump administration has consistently denied any potential conflicts of interest.

During an August interview with Punchbowl News regarding the Clarity Act and ethical concerns, Trump highlighted that Democrats have similarly profited from stock trading.

Although the House of Representatives passed the legislation last year, the Clarity Act has stalled this year, primarily due to disputes between the banking lobby and cryptocurrency companies over stablecoin yields for customers.

Republicans, including Lummis, have accused Democrats of intentionally obstructing the bill’s progress.

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