Charles Schwab has urged the US Senate to promptly pass the CLARITY Act to bring regulatory certainty to digital asset markets. The push from the $13 trillion asset manager comes as Donald Trump’s team transferred 16.84 million TRUMP tokens worth $16.91 million to three Fireblocks custody addresses on July 25, 2026.
According to reports from Arkham Intelligence, the three destination addresses had previously received TRUMP tokens before sending them to BitGo. The transfers have triggered market concerns over potential selling by Trump’s team of up to 96 million tokens - representing 9.6% of the total supply, or roughly 40% of the 237 million tokens currently in circulation.
Approximately 80% of the total TRUMP token supply remains held by insiders, with 670 million tokens (67%) already unlocked. The transfer occurred while TRUMP was trading around $1.57 - down 83% from its yearly peak and down 98% from its all-time high of $73.43 in January 2025.
However, this movement of funds is only the beginning of broader tensions brewing in Washington.
Ethics Dispute in the Senate Corridors
The CLARITY Act passed the House of Representatives in July 2025, and the Senate Banking Committee approved it with a 15-9 vote in May 2026. Senate Majority Leader John Thune aims to bring the bill to the floor, although he has yet to secure the 60 votes required to overcome a filibuster.
The primary roadblock for the bill centers on who enforces ethics rules. Senator Angela Alsobrooks has threatened to oppose the legislation, rejecting the idea of ethics enforcement being handled solely by the Department of Justice (DOJ). Alsobrooks’ stance is pivotal, as she is one of only two Democrats on the Banking Committee who previously supported the bill.
Trump reportedly agrees with a ban prohibiting elected officials from issuing or sponsoring digital assets. However, disagreements over which body should enforce ethics rules have prevented a bipartisan agreement.
Strict Bans Until 2029
If enacted, the latest draft of the CLARITY Act would prohibit the president, vice president, members of Congress, federal judges, and their spouses from issuing or sponsoring digital assets. The restriction is slated to remain in effect until January 20, 2029.
The provision could curtail Trump’s crypto ventures, which financial disclosure data showed generated up to $1.4 billion in revenue last year. Amid potential token sales by his team and looming ethics rules, the TRUMP token market appears poised for continued volatility.
For investors, the political impasse in Washington highlights that regulatory certainty remains far from settled. The Trump team’s next moves regarding its millions of TRUMP tokens could determine the fate of retail holders in the open market.
Source: crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
