The final draft of the Clarity Act includes a temporary cryptocurrency ethics ban.

A new version of the Digital Asset Market Clarity Act has begun circulating in the U.S. Senate and, for the first time, includes provisions that would prevent the president and other high-ranking officials from having a direct relationship with cryptocurrencies. Catch? The ban is only temporary and is scheduled to expire in 2029.

The draft, which some are calling the final working version, was released just days after talks with President Donald Trump led to negotiations on the biggest remaining hurdle. The ethics division leaves it up to the Justice Department to handle related complaints, according to a source familiar with the documents. However, this is not permanent. The ban is set to expire after 2029. This could be a way to pass legislation without impeding broader market structural reforms.

Democratic Party left out of initial discussions

Democratic lawmakers have yet to see the draft, despite cryptocurrency industry groups reviewing hundreds of pages. This text was first published by Punchbowl News. That’s a problem because the Senate would need at least 10 Democrats to vote yes. The chamber needs 60 votes to pass most bills. Many Democrats were already nervous about ethical language, and not getting involved early probably wouldn’t help.

The overall bill is a combination of the work of two Senate committees (Banking and Agriculture) and a lot of new language aimed at strengthening protections for digital asset users and investors. Majority Leader John Thune, the Republican leader who sets the Senate’s agenda, plans to bring the bill to the floor a few days before the summer recess ends, his office told CoinDesk. The latest version includes dozens of additional pages designed to attract support from Democrats.

Industry response and next steps

“Today’s draft is a meaningful step toward a Senate vote on the Clarity Act we’ve been calling for,” Cody Carbone, CEO of the Digital Chamber, said in a statement. “We are encouraged and ready to continue working until the bill reaches the President’s desk.”

But it’s far from a done deal. The temporary ethics ban may be a compromise that some lawmakers believe is too mild while others believe it is too severe. And with Democrats still waiting for a copy of the bill, the next few days could be chaotic. Thune’s push to get a vote before the summer break is ambitious, but not impossible. The cryptocurrency industry has been waiting for a market rescue bill for years, and if the political situation aligns, this could be the closest one.