Senate Republicans Try to Rein in Trump's Crypto Empire with Clarity Act

Senate Republicans have proposed a plan to rein in President Donald Trump's massive increase in income since returning to the White House. The plan is part of the Clarity Act, a landmark cryptocurrency legislation that aims to bring stability and regulatory certainty to US crypto markets.

The Clarity Act has been developed over 10 months and is set for a Senate floor vote the week of July 20th. If passed, it would require federal officials to divest or put their assets in a blind trust within one year after enactment. This would prevent them from creating their own digital currency for profit, promoting or endorsing crypto, and owning crypto.

The ethics provisions in the bill have been welcomed by President Trump, who has agreed to either put his assets in a blind trust or divest of his participation in digital assets and companies that derive revenue from digital assets. However, Senate Democrats are not satisfied with the plan, saying it doesn't go far enough to prevent Trump's family crypto empire from benefiting from his name and time in office.

Trump's income between 2024 and 2025 has exploded by about 250%, from just over $620 million to around $2.2 billion, much of which is attributed to his various holdings and ventures in crypto. Senate Democrats have expressed concern that the ethics provisions don't specifically target Trump's sons, Don Jr. and Eric, who run the family's crypto empire.