John Thune said the Senate likely cannot finish the CLARITY Act next week, slowing a floor push that supporters wanted completed before the August recess.
Democratic resistance centers on ethics provisions in the 600-page bill that would bar federal officials from issuing, promoting or sponsoring crypto, while allowing divestiture or a blind trust after one year.
Elizabeth Warren, Cory Booker and other Democrats argue the language still lets Trump profit through family-linked ventures, gives enforcement to Acting Attorney General Todd Blanche and expires on Jan. 20, 2029.
The dispute has intensified because Trump’s reported income jumped about 250% from just over $620 million in 2024 to roughly $2.2 billion in 2025, with much of the increase tied to crypto holdings and ventures.
Cynthia Lummis and Bernie Moreno say the bill is meant to create durable crypto rules, not target one president, but bipartisan agreement now looks necessary to move the legislation this year.