Trump backs Clarity Act as banks lobby against key provisions

The Digital Asset Market Clarity Act is one procedural vote away from its biggest legislative test yet. President Trump has endorsed the bill and urged Congress to move fast, reportedly engaging crypto executives at the White House to build momentum. On the other side, major banks and their lobbying apparatus are pushing hard against provisions they say could drain deposits from the traditional banking system. What the bill actually does The Clarity Act, formally designated H.R. 3633, is a bipartisan effort to draw clear regulatory lines around digital assets. Its core mission: decide which crypto assets fall under the SEC’s jurisdiction and which belong to the CFTC. The Senate’s final draft runs 635 pages, a significant expansion that incorporates 126 amendments requested by Democratic lawmakers. Some of those additions target ethics regulations around government officials’ digital asset holdings. Trump’s family crypto holdings are estimated between $1.4 billion and $2.3 billion, a fact that has made the president’s vocal support for the legislation a source of bipartisan discomfort. The ethics language is designed to create at least some separation between the policy and the pers...