MIAMI — The long-awaited legislation to establish U.S. regulations for the crypto markets won’t survive the Senate if it doesn’t include a contentious ethics provision that bans senior government officials from personal interests in the industry, said U.S. Senator Kirsten Gillibrand.
“There will be no one voting for this bill if we don’t have an ethics provision,” Gillibrand, a New York Democrat who has been engaged in bipartisan crypto legislation for years, said Wednesday at Consensus Miami 2026. The inclusion of that section — aimed largely at the business interests of President Donald Trump — remains one of the few major sticking points on the bill negotiation, which is coming to a head this month.
“We cannot allow members of Congress, senior administration officials, presidents or vice presidents to get rich off of these industries because of their insider status,” Gillibrand said. “It is the worst form of pay-for-play; it is the worst form of campaign finance violations; it’s a violation of the Constitution.”
The Digital Asset Market Clarity Act — the crypto industry’s top policy aim in Washington — is awaiting a necessary Senate Banking Committee hearing in order to advance to the Senate floor for a vote.
Gillibrand said the ethics negotiation needs to be resolved in the next week to get a bipartisan approval in the hearing, which is expected as soon as next week. She said the negotiators are also working on consumer protection and illicit finance elements. So far on the ethics provision, White House officials have denied that Trump’s business interests represent a conflict, and they’ve said they won’t tolerate a bill that targets him.
“We cannot let greed and corruption in Washington tear this industry down, and without that provision, that’s exactly what will happen,” Gillibrand argued.
The window for legislative action is narrowing considerably, and the needed Senate bandwidth to move the legislation will be at a premium, with about 10 weeks of Senate calendar time remaining before Congress pivots to the midterm elections.
Gillibrand predicted a final vote could happen in the first week of August, “if we’re lucky.” That would mark the last chance before Congress’ summer break.
However, in another Consensus panel, Summer Mersinger, the CEO of the Blockchain Association who served on the Commodity Futures Trading Commission, suggested a legislative window may never permanently close.
“There’s a window of opportunity, and that’s always important that you, you act when you find that window of opportunity,” she said. “But I always say that that doesn’t mean the window’s not going to open again.”
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