MIAMI — Long-awaited legislation to establish U.S. regulation for crypto markets won’t survive the Senate unless it includes a controversial ethics provision barring top government officials from having personal interests in the industry, U.S. Sen. Kirsten Gillibrand said.
“No one is going to vote for this bill if we don’t have an ethics provision,” Gillibrand, a New York Democrat engaged in bipartisan crypto legislation for years, said Wednesday at Consensus Miami 2026. The inclusion of that section — largely aimed at President Donald Trump’s business interests — remains one of the few major sticking points in the bill’s negotiation, which comes to a head this month.
“We cannot allow members of Congress, senior administration officials, presidents or vice presidents to enrich themselves through these industries because of their insider status,” Gillibrand said. “It’s the worst form of fee-for-service; it’s the worst form of campaign finance violation; it’s a violation of the Constitution.”
The Digital Asset Market Clarity Act – the crypto industry’s main policy goal in Washington – is awaiting a necessary Senate Banking Committee hearing in order to move to the Senate floor for a vote.
Gillibrand said ethics negotiations must be resolved next week to gain bipartisan approval at the hearing, which is expected as early as next week. She said negotiators were also working on elements related to consumer protection and illicit financing. So far on the ethics provision, White House officials have denied that Trump’s business interests represent a conflict, and they have said they would not tolerate a bill that targets him.
“We cannot let greed and corruption in Washington destroy this industry, and without this provision, that is exactly what will happen,” Gillibrand argued.
The window for legislative action is narrowing significantly, and the room needed for the Senate to advance legislation will be limited, with about 10 weeks of Senate calendar time remaining before Congress turns its attention to the midterm elections.
Gillibrand predicted that a final vote could take place in the first week of August, “if we’re lucky.” This would be the last chance before Congress’s summer recess.
However, in another consensus panel, Summer Mersinger, CEO of the Blockchain Association who served on the Commodity Futures Trading Commission, suggested that a legislative window may never close permanently.
“There is a window of opportunity, and it’s always important that you act when you find that window of opportunity,” she said. “But I always say that doesn’t mean the window isn’t going to open again.”
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