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U.S. Senator Kirsten Gillibrand said Wednesday at Consensus Miami 2026 that the Digital Asset Market Clarity Act cannot advance out of the Senate without an ethics provision banning senior government officials — including the president and vice president — from holding personal crypto interests. The New York Democrat, a lead bipartisan negotiator on the bill, framed the provision as a constitutional and anti-corruption necessity rather than a negotiable rider.
"There will be no one voting for this bill if we don't have an ethics provision," Gillibrand said. "We cannot allow members of Congress, senior administration officials, presidents or vice presidents to get rich off of these industries because of their insider status. It is the worst form of pay-for-play."
Why it matters
The provision is aimed largely at President Donald Trump's personal crypto business interests, and the White House has publicly rejected language it reads as targeting the president specifically. With the Senate Banking Committee hearing expected as soon as next week, Gillibrand said the ethics question has to be resolved within roughly seven days for the bill to clear the committee on a bipartisan vote.
The Clarity Act is the crypto industry's marquee Washington ask — a market-structure framework that would delineate SEC and CFTC jurisdiction over digital assets. Stripping or softening the ethics rider risks losing Democratic support; keeping it intact risks a White House veto signal before the bill reaches the floor.
Market impact
Gillibrand predicted a final Senate vote could land in the first week of August if a deal holds — the last window before Congress pivots to midterms, with roughly ten weeks of usable Senate calendar left this session. A collapse of the negotiation would push comprehensive U.S. crypto legislation past the election cycle, leaving the industry operating under the existing patchwork of SEC enforcement actions and CFTC guidance.
On a separate Consensus panel, Blockchain Association CEO Summer Mersinger — a former CFTC commissioner — was more sanguine, arguing legislative windows reopen even when this one closes.
Frequently asked questions
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What is the Digital Asset Market Clarity Act?
It is the crypto industry's top U.S. policy priority — a market-structure bill that would delineate jurisdiction over digital assets between the SEC and the CFTC, replacing the current patchwork of enforcement actions and agency guidance.
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Why does Senator Gillibrand want an ethics provision attached?
She argues no Democrat will vote for the bill unless it bans members of Congress, senior administration officials, the president, and the vice president from profiting personally from crypto, calling insider industry enrichment the "worst form of pay-for-play."
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Who is the ethics provision aimed at?
Largely at President Donald Trump's personal crypto business interests. The White House has denied any conflict and said it will not accept language that targets the president specifically.
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What is the legislative timeline for the bill?
Gillibrand said the ethics negotiation must resolve within about a week for the Senate Banking Committee to advance the bill on a bipartisan vote, with a possible final floor vote in the first week of August before Congress pivots to the midterms.
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What happens if the negotiation collapses?
Comprehensive U.S. crypto legislation would likely slip past the 2026 election cycle, leaving issuers and institutional desks to operate under existing SEC enforcement actions and CFTC guidance rather than a statutory framework.
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