Republican senator Cynthia Lummis has praised U.S. President Donald Trump for agreeing “to the toughest ethics restrictions” in order to get the Clarity Act over the line.
The pro-crypto senator wrote on X Monday that Trump had agreed to tighter laws which give state attorneys generals standing to sue to enforce the conflict-of-interest rules on federal officials.
Lawmakers will vote on the Clarity Act tomorrow. The bill aims to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins — rules crypto industry executives have long called for.
“Back in July, Trump voluntarily put himself, the VP, every federally elected official, judges, and their spouses under the strictest ethics rules this country has ever seen. Most people in Washington never would’ve offered that. Democrats still wanted independent, outside enforcement, not DOJ alone — so Trump went back to the table and gave more,” Lummis said.
She added: “A no vote tomorrow kills the toughest ethics reform this country has ever put on the books, kills consumer protections for every American holding digital assets, and hands the future of this industry to our foreign competitors.”
Alongside senators John Boozman and Tim Scott, Lummis released a new draft of the Clarity Act on Sunday night that gives attorneys enforcement new powers.
An updated draft of the Clarity Act banning government officials from promoting or making money from crypto started circulating in July but Democrats wanted more work on it.
President Donald Trump campaigned on a ticket to help the crypto space but some Washington lawmakers have criticized the way the Trump family has profited from digital asset ventures, such as the President’s memecoin, $TRUMP, and World Liberty Financial project.
Trump and the White House have always denied any conflicts of interest.
Speaking in an interview with Punchbowl News in August, about the Clarity Act and ethics, President Trump pointed out the Democrats have also made money from stock trading.
Though passed by the House of Representatives last year, the Clarity Act has been stalled this year, mostly because the banking lobby clashed with crypto companies over paying customers stablecoin yield.
Republicans like Lummis have accused Democrats of deliberately holding back the bill.
