Key Democratic lawmakers say crypto Clarity Act 'falls short' on ethics, other issues

A group of key U.S. Senate Democrats, including Senators Angela Alsobrooks, Cory Booker, and Raphael Warnock, issued a joint statement on July 22, 2026, expressing that the latest draft of the Digital Asset Market Clarity Act (Clarity Act) "falls short" on important issues such as ethics, consumer protections, illicit finance, conflicts of interest, and market integrity. These lawmakers, who are core negotiators potentially needed to advance the legislation, emphasized that while they remain engaged with their Republican counterparts, the bill requires further work to address these outstanding concerns.

The Clarity Act, a crypto market structure bill, saw a new draft published by Senate Republicans on the same day. The updated version included an ethics provision agreed upon by the White House and then-President Donald Trump. Senator Bernie Moreno, a Republican lead on the bill, claimed on social media that the bill contains “the most powerful ethics language in U.S. history” and dismissed Democratic criticisms as “DC Democrat lies.” The ethics provisions have been a sticking point for over a year, originally linked to the earlier stablecoin-focused GENIUS Act, but the debate intensified after Trump disclosed he earned over $1.4 billion from crypto ventures in 2025.

Senators Alsobrooks and Ruben Gallego were the only Democrats to vote for the Clarity Act in committee, though others in the joint statement have supported the bill previously. The Senate Republican Majority Leader John Thune’s office indicated plans to move the bill forward soon, though no specific timeline is set. The Senate may need up to 10 Democratic votes to reach the 60-vote threshold required for advancement, and the chamber will take a recess after August 7, adding pressure to proceed quickly. The Democratic negotiators reaffirmed their commitment to work in good faith with Republicans to finalize the legislation.