My Crypto Lawyer
As the Democrats and critics of the CLARITY Act – a United States bill that would create clear rules for the cryptocurrency industry – accuse President Donald Trump of crypto corruption, Wyoming Senator Cynthia Lummis has emphasized that legislation already contains unmatched ethics standards.
In an X post on July 31, Senator Lummis stated that the bill requires President Trump to divest his digital asset holdings or place them in a blind trust. She was responding to claims by congressional reporter Cristiano Lima-Strong about a split among Democrats.
Specifically, Lima-Strong reported that some Democrats were negotiating a crypto bill that likely would not force Trump to divest his crypto interests fully. On the other hand, other Democrats are worried the talks could weaken their midterm criticism of Trump’s ‘crypto corruption’.
“This bill literally requires President Trump to divest his digital asset holdings or put them in a blind trust,” Lummis noted.
During a Senate floor session on Thursday, Lummis highlighted that President Trump has accepted the ethics standards presented by the Democrats in good faith. Moreover, she argued that the Democrats have the majority wins in the CLARITY Act’s ethics and other sections.
What’s next for the CLARITY Act?
The bill has stalled in the Senate, with the lawmakers expected to leave Washington for the August recess. Senator Lummis has since accused some Democrats of not prioritizing consumer protection from scams and retaining crypto businesses in the United States.
Instead, she pointed out that some Democratic leaders, led by Massachusetts’ Senator Elizabeth Warren, are focusing on hurting President Trump by any means.
With the August recess expected in less than 10 days, the odds of the CLARITY Act being signed into law in 2026 have crashed to the lowest point so far in 2026, at 25%, according to data from Polymarket.
Consequently, the fate of this bill could trickle down to President Trump’s $1.4 billion crypto profits, which he netted last year, as Finbold explained.
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