New Senate Bill Prohibits Officials From Issuing Digital Tokens

WHO:

Cointelegraph - Senator Cynthia Lummis is one of the bill’s advocates.

CNBC - Senator Bernie Moreno, R-Ohio, is a supporter of the measure.

CNBC - Senate Majority Leader John Thune, R-S.D., commented on the bill.

CNBC - Democrats, including Senator Angela Alsobrooks, D-Md., have criticized the proposals.

WHAT:

Cointelegraph - The proposed ethics rules would bar US officials, including presidents, from issuing or sponsoring digital tokens until 2029.

CNBC - The legislation would impose a ban on federal officials, including presidents, from issuing or sponsoring cryptocurrency and other digital assets.

CNBC - The Department of Justice would enforce the ban, with fines of up to $250,000 per day for violators.

CNBC - Trump made approximately $1.2 billion in crypto-related income during his first year back in the White House.

CNBC - Trump's 2025 crypto proceeds include about $580 million connected with World Liberty Financial, which issues the WLFI governance token and USD1 stablecoin.

WHERE:

CNBC - The discussions regarding the bill are taking place in the US Capitol in Washington, DC.

WHEN:

CNBC - The legislation is known as the Clarity Act and is currently under consideration.

CNBC - The Senate is expected to vote on the measure in the next couple of weeks.

WHY:

CNBC - The bill aims to govern the broader digital asset market and impose limits on how presidents may profit from cryptocurrency.

HOW:

CNBC - The enforcement of the ban would be handled by the Department of Justice rather than state attorneys general, which has been criticized by some Democrats.

(UPDATED July 22, 2026 19:28 UTC)

Senator Cynthia Lummis and Senator Bernie Moreno are advocating for a new bill known as the Clarity Act, which aims to impose strict ethics rules that would prevent U.S. officials, including presidents, from issuing or sponsoring digital tokens until 2029. The legislation, currently under consideration in the U.S. Capitol, would be enforced by the Department of Justice, with violators facing fines of up to $250,000 per day. Critics, including Democrats like Senator Angela Alsobrooks, have raised concerns about the bill, especially given that Trump made approximately $1.2 billion in crypto-related income during his first year back in the White House.