The United States Capitol in Washington, DC, United States, Tuesday, June 30, 2026.
Graeme Sloan | Bloomberg | Getty Images
Presidents and other federal officials would be prohibited from issuing or sponsoring cryptocurrencies and the like. digital assets under recently updated legislation, Senate consider.
The Republicans on Wednesday updated a measurement already under consideration – known as the Clarity Act, major legislation aimed at governing the broader digital asset market. Sen. Cynthia Lummis, R-Wyo., the bill’s lead sponsor, provided CNBC with its text, which now includes the first limits on how presidents can profit from crypto.
The legislation would call on the Justice Department to enforce the ban. The agency could fine violators up to $250,000 per day.
President Donald Trumpsigned the ethics section of the bill, Sen. Bernie Moreno, R-Ohio, one of the measure’s supporters, told CNBC. Trump made approximately $1.2 billion in crypto-related revenue during his first year back in the White House, according to a recent disclosure.
Trump’s crypto income for 2025 includes around $580 million linked to Liberty Global Financialthe company co-founded by Trump family members which issues the WLFI governance token and the USD1 stablecoin. Global Freedom launched USD1 in March 2025after Trump began his second non-consecutive term as president.
It’s unclear whether the bill will garner the Democratic support needed to get 60 votes and Senate approval. Democrats, including Sen. Angela Alsobrooks, D-Md., have criticized proposals that would leave the DOJ responsible for enforcing ethics provisions.
Alsobrooks criticized Wednesday that it is the DOJ rather than state attorneys general that leads oversight.
“Look at this Department of Justice,” she told reporters Wednesday at the Capitol. “They’re completely unserious, first of all, and it’s just crazy to rely on them for anything. A lawless Justice Department can’t oversee that. So, I think having the attorneys general as a safety net is going to be really important.”
But the Senate majority leader John ThuneR.S.D., said he expects the Senate to quickly consider the measure.
“There will be a vote, I don’t know when yet, but in the next couple of weeks,” Thune told reporters Wednesday at the Capitol.
Companies including Coinbase And Ripple have pushed for a national law to create a regulatory structure around crypto.
— Irit Skulnik And Karen James Sloan contributed to this report.
