Lawmakers have circulated text of the latest draft that will be pushed toward a Senate finish line, but they're still debating a core government-ethics piece.

• It’s not out officially just yet, but Clarity Act language circulating on Wednesday confirms the inclusion of an ethics provision that would sunset in 2029 and require regulators to implement within a year of enactment.
• The conflict-of-interest piece, which will include limits on President Donald Trump’s own widespread crypto involvement, has been a major final point of contention in the legislation, though Democratic lawmakers may not be satisfied yet.
• Draft language has been shown to crypto industry insiders, and the Senate has only days remaining to get the work done before its summer recess.

A would-be final version of the Digital Asset Market Clarity Act is circulating as the U.S. Senate sets up for its last major effort to get the crypto industry's long-awaited market structure bill into law, and it finally includes a contentious section banning crypto conflicts for the president, though that may only be a temporary measure.

The final working draft of the Clarity Act has emerged days after talks with President Donald Trump had led to a deal on how Republicans would press the effort's biggest remaining hurdle: that section to limit the president and other senior government officials from direct crypto ties, which is currently set to conclude in 2029 and leaves the Department of Justice in the role of policing related ethics complaints, according to sources’ descriptions of the draft circulating on Wednesday.

But even as the crypto industry was shown details of the bill that will clock in at hundreds of pages, Democratic lawmakers hadn't yet seen the draft, the text of which was posted at Punchbowl News. The Senate is expected to need at least 10 Democrats to approve the final bill before it can become law, because of the chamber's requirement for 60 yes votes on most legislation, and many of them already didn't like what they were hearing on the ethics section.

Senator Cynthia Lummis, a Wyoming Republican who has been a leading negotiator for Clarity, issued a statement in which she thanked Democrats for their contributions to the draft and shared “my commitment to reaching a deal in the coming days that will allow this legislation to become law.”

The overall bill text is reflective of work in two relevant Senate committees — Banking and Agriculture — plus the addition of a lot of new language meant to ensure the safety of digital assets users and investors. Majority Leader John Thune, the Republican in charge of the Senate's agenda, intends to move forward with floor action in the coming days before summer recess, his office told CoinDesk on Wednesday, and the latest version includes dozens of pages of extra material meant to please Democrats.

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

One thing that may land as a significant relief for the decentralized finance (DeFi) corner of the industry is that the section known as the Blockchain Regulatory Certainty Act remains intact, meaning developers that don't control users' assets won't be treated under the regulatory regime as "money transmitters," with all the compliance burdens that would come with that. The draft also includes new language on federal preemption, provisional registration procedures and commodity pool operators — all still being furiously studied by the experts.

Miller Whitehouse-Levine, the CEO of Solana Policy Institute, outlined a few points in the bill, including that it would provide a “clear regulatory treatment for tokens and token fundraising, establish regulation for exchanges, give financial institutions the green light to use public blockchains, direct the federal agencies to create a regulatory pathway for tokenized securities and futures markets onchain and, most critically, establish robust consumer and developer protections.”

Last week, several Senate Democrats gathered for a press conference explaining their opposition to the Clarity Act, and warning of the crypto sector's rapidly growing influence in Washington.

The party has been split during the months of negotiations over Clarity, with some senators consistently opposing the bill under Elizabeth Warren's banner and others actively negotiating with Republicans. And one common position among Democrats has been that Clarity will need that ban on government officials' digital assets involvement, which throws a spotlight on Trump's dealings.

In the wake of Trump's personal financial disclosures that revealed he'd earned more than $1 billion from his crypto interests last year, Democrats have latched on to those figures as proof of their accusations of corruption and conflict of interest in the White House.

Republican senators met with Trump about it last week. By Monday, the Republicans had fixed on an accord. A White House official told CoinDesk on Monday that Trump had "agreed to the most comprehensive and wide-ranging ethics provision in history."

The legislation would give regulators a year to implement the new ethics constraints. It's not yet clear when such limits might be effective for Trump, nor is it clear what he'd do about them in regard to his many crypto business ties, including an ownership stake in World Liberty Financial.

Meanwhile, the bill's most dedicated proponents, such as Senator Cynthia Lummis, have defended Trump and the legislation.

"It's time to land this plane," Lummis, a Wyoming Republican who leads the digital assets subcommittee in the Senate Banking Committee, said in a recent interview on Fox Business. "This is about helping law enforcement fight illicit finance, passing consumer protections and keeping these markets onshore in the U.S."

In 16 days (including weekends) the Senate is set to leave Washington for its long summer break. While there is some floor time again in September, the lawmakers will be increasingly focused on November's midterm elections. So, the first week of August is widely considered the last moment that the Clarity Act could advance from the Senate in the normal course of business.

Read More: Trump's crypto riches loom over Clarity Act talks to ban conflicts for U.S. officials

UPDATE (July 22, 2026, 16:27 UTC): Adds comment from Digital Chamber.
UPDATE (July 22, 2026, 17:13UTC): Adds comments from Senator Cynthia Lummis and the Solana Policy Institute.

Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.