Senate Banking Committee minority staff are pushing back against the Digital Asset Market Clarity Act, saying the bill fails five minimum standards and could leave pension funds exposed. The criticism lands ahead of a procedural vote scheduled for Sept. 15.
What the staff found
The staff's review, which has been shared with committee members, says the bill doesn't meet five minimum standards. The specifics aren't public, but the conclusion is blunt: the bill as written isn't good enough.
Pension exposure
One of the concerns is pensions. The staff says the bill could leave pension funds exposed. That's a direct warning to any lawmaker with constituents who've put retirement money into crypto.
Trump's crypto profits
The staff also took aim at President Trump. The review says the bill fails to stop the president's next $1.4 billion in crypto profits. That's a striking charge, and it suggests the bill's conflict-of-interest rules are too weak.
The Sept. 15 vote
The bill is set for a procedural vote on Sept. 15. That's the first formal test on the Senate floor. If the minority's concerns gain traction, the vote could be close.
