Senate Republicans released updated text of the Digital Asset Market Clarity Act on July 22. Crypto executives and policy groups immediately called on the Senate to move quickly. But the draft drew sharp criticism from key Democrats, who attacked its approach to policing crypto conflicts of interest among government officials.
The July 22 update
The revised bill is the latest version of a legislative effort to create a federal framework for digital assets. The new text includes changes to provisions governing how federal officials handle potential conflicts related to cryptocurrency holdings. Specific details of the update have not been made public, but the release signals that Senate Republicans are pushing to advance the legislation.
Industry calls for speed
Crypto executives and policy groups urged the Senate to act swiftly. They argue that clear rules are needed to keep the U.S. competitive in the digital asset space. The groups did not specify a timeline but emphasized that delays could harm innovation. The push comes as other jurisdictions move ahead with their own regulatory frameworks.
Democratic criticism
Key Democrats criticized the draft's approach to policing conflicts of interest. They argued that the provisions are too weak and do not adequately prevent government officials from profiting from insider knowledge or regulatory decisions. The criticism suggests the bill may face hurdles in a divided Senate. No Democratic senator has yet offered an alternative proposal.
The bill now heads to committee consideration. No vote has been scheduled, but sponsors are expected to push for action before the end of the session.
