MIAMI, FL — U.S. Senator Kirsten Gillibrand declared that the anticipated crypto market regulations in the U.S. will not advance in the Senate without an ethics clause prohibiting senior officials from holding industry interests. Speaking at Consensus Miami 2026 on Wednesday, the New York Democrat emphasized, “There will be no votes for this bill if it lacks an ethics provision.” This measure, primarily targeting President Donald Trump’s business ties, is a significant obstacle in negotiations set to climax soon.
“It’s unacceptable for Congress members or high-level officials, including presidents and vice-presidents, to profit from their insider status within these industries,” Gillibrand stated. “This practice epitomizes pay-for-play, breaches campaign finance laws, and violates the Constitution.” The Digital Asset Market Clarity Act — a primary policy goal of the crypto sector in Washington — now awaits a Senate Banking Committee hearing to progress further.
Gillibrand highlighted that resolving the ethics issue within the next week is essential for bipartisan support at an upcoming hearing expected soon. Negotiations are also focusing on consumer protection and preventing illicit finance. Despite this, White House officials refute any conflict of interest with Trump’s businesses and oppose legislation specifically targeting him.
“We must prevent corruption in Washington from undermining this industry,” Gillibrand insisted. “Without this provision, that is precisely what will happen.” Time for legislative action is limited, with only about 10 weeks left on the Senate calendar before shifting focus to midterm elections. Gillibrand optimistically speculated a final vote might occur by early August.
However, during another panel at Consensus, Summer Mersinger, CEO of the Blockchain Association and former CFTC member, suggested legislative opportunities could reemerge. “Act when you find an opportunity,” she advised, adding that such windows can reopen.”