For months, lawmakers have believed they’re on the verge of passing the first major framework for regulating cryptocurrency. But as the Senate races to finish before its August recess, a long-running bipartisan effort is running into a familiar political fight: President Donald Trump’s finances.

The Digital Asset Market Clarity Act — shorthanded as the “Clarity Act” on Capitol Hill — would establish a federal framework for the crypto industry, clarifying which government agencies oversee which digital assets, creating rules for crypto exchanges and imposing ethics restrictions on government involvement in digital assets.

With just hours to go before lawmakers left Washington for a month, senators found themselves…