“The full cost of today's result may not be known for years to come, but this much is clear: it increases the risk that the standards that global financial markets adhere to in the future will be those of Brussels or Beijing, rather than Washington and New York.
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Hours Before the Crypto Bill's Make-or-Break Senate Vote, Trump Agrees to Ethics Rules on His Own Family — Lummis Says He "Voluntarily Agreed to Unprecedented Ethics Restrictions," and Elizabeth Warren Calls the Deal a "Weak Fig Leaf" That Will Not Stop "His Next $1.4 Billion in Crypto Profits"
September 15, 2026
Late on Sept. 13, 2026, Sens. Cynthia Lummis (R-Wyo.), John Boozman (R-Ark.) and Tim Scott (R-S.C.) released what they called the final text of the Digital Asset Market Clarity Act — the CLARITY Act — ahead of a cloture vote Majority Leader John Thune had scheduled for 2:15 p.m. on Sept. 15. The sponsors said the draft contained 126 substantive changes requested by Democrats and adopted substantially all of the Tillis-Gallego ethics language, including a role for state attorneys general in enforcing conflict-of-interest rules against federal officials. President Trump, whose 2025 financial disclosure reported roughly $1.4 billion in crypto-related income, signed off on most of it. The concession did not move the Democrats whose votes the bill needs to reach 60. On the Senate floor the night of Sept. 14, Sen. Elizabeth Warren (D-Mass.) called the ethics deal a "weak fig leaf" and argued the enforcement design means "the law could never be enforced against Donald Trump." Sen. Ruben Gallego (D-Ariz.) — co-author of the ethics framework Republicans said they had adopted — told reporters the same evening that the final language "leaves a lot to be desired." Seven Senate Democrats had already said in July that the Republican text "falls short," and Sen. Kirsten Gillibrand (D-N.Y.) has said she will not support market-structure legislation without an enforceable ban on officials profiting from crypto. Seventeen state attorneys general and the banking industry also came out against the final draft. A failed cloture vote would effectively end the bill for 2026, seven weeks before the midterms.
19
Statements Recorded
See what your representatives said?
19 Statements
“What we used to do around here is something called legislate. You know where you'd actually vote to get on the bill, but then you amend it, and then you decide whether you're going to support it on the back end.
“We cannot pass landmark legislation governing this industry while allowing the president to personally profit from it. … [The Democratic counteroffer] is language Democrats have been seeking for the better part of a year.
“I think we're done. It's over. … Because we've been working on this bill for over a year. And we've given them over 120 of their requests and that's enough. [Asked whether the bill would return to the floor:] Nope.
“They are seeking to ram a bill through Congress based upon not the merits of the bill, but the threat that they will spend even more money.
“This is what good faith looks like, this is what compromise looks like. … [A no vote means] opposing real ethics reforms on politicians' personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets.
“I am proud of the progress we made, and I am determined to keep fighting to regulate this technology, protect the millions of Americans who own crypto, and ensure that communities across Maryland can harness the benefits of digital assets safely.
“We're so close. It's just a shame to not take this opportunity.
“I've been clear from the beginning about my position, and I'm disappointed that Republican leadership refuses to accept such commonsense solutions.
“As you may have heard, there was a bipartisan deal on the table as recently as this afternoon.
“We could talk a lot about it. But the simple thing is, it allows the corruption of the president to continue.
“I have not seen the kind of engagement yet from the Republican side when it comes to countering terrorist financing and cartel financing that would get me to a yes.
“We were actually getting very, very close, and at the last minute, the banking staffer from [Sen. Tim] Scott's office came in and just said, 'negotiations are over.'
“Let's make sure that we do not pass a crypto bill that will let Donald Trump continue to rake in billions.
“The Senate let that momentum die today by allowing Democrats to set the terms of the debate when they never intended to deliver the votes. We must continue to fight to make America the world leader in crypto. … [Without a clear regulatory framework,] builders don't know whether their project is a security or a commodity or which regulator has jurisdiction.
“President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history. … After a year of intense daily bipartisan negotiations, this bill is ready.
“[The ethics provision blessed by President Trump is a] weak fig leaf that will do nothing to stop him from making his next $1.4 billion in crypto profits. … [The bill ensures] the law could never be enforced against Donald Trump because it gives his political appointees the power to turn off enforcement of these ethics provisions.
“Democrats got what they wanted; now they need to take yes for an answer.
“[The White House-blessed ethics language] leaves a lot to be desired.
Background (7)— earlier statements that set the stage▸
“We cannot let greed and corruption in Washington tear this industry down, and without that provision, that's exactly what will happen.
“Today, the Banking Committee showed the American people that Washington can still work together. We had a serious debate, worked through real differences, and came together around a shared goal: protecting consumers, supporting innovation, and keeping the future of finance in America.
“Cryptocurrency and digital assets are rife with opportunity for abuse if left unchecked.
“[Relying on the Justice Department alone to enforce the ethics rules is] wild and unserious and stone crazy.
“This bill should be dead on arrival. … [It] does nothing to prevent him from vacuuming up his next $1.4 billion in crypto profits.
“The Republican-proposed text of the CLARITY Act as it currently stands falls short. … [We have] been working in good faith with our Republican colleagues for the past year and will continue doing so to get this over the finish line.
“Don't go for a fast vote. A fast vote gets you a fast result, but I'm not sure it's the result you want.