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Trump urges Senate to pass CLARITY Act as crypto bill nears crucial vote

  • ​President Donald Trump urged the Senate to pass the CLARITY Act in honor of the late Senator Lindsey Graham.
  • Lawmakers race to advance the CLARITY Act before the August recess as negotiations continue over ethics provisions and stablecoin language.
  • Senator Cynthia Lummis and White House Crypto Council Executive Director Patrick Witt urged swift passage, citing regulatory certainty and US competitiveness.

US President Donald Trump on Monday urged the US Senate to swiftly pass the Digital Asset Market Clarity Act (CLARITY), following the death of Senator Lindsey Graham, who passed away unexpectedly over the weekend at age 71.

"In honor of Senator Lindsey Graham, a big supporter, the US Senate should pass the CLARITY Act," Trump wrote in a Truth Social post.

Trump calls for swift Senate approval of the CLARITY Act

He described the legislation as essential to preserving US leadership in digital assets and artificial intelligence (AI) amid growing competition from China.

“China, and many other countries, would like to take complete and total control of this major financial 'happening,' as well as AI, where we are now leading, but where they are fighting hard. Don’t let China win on either subject!!!,” he added.

Trump has repeatedly endorsed the legislation, making it a central part of his broader push to position the US as a global leader in crypto innovation. He has argued that regulatory clarity is necessary to keep blockchain development and investment from moving overseas.

The CLARITY Act would establish a comprehensive regulatory framework for digital assets by dividing oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Under the proposal, qualified tokens would be regulated as digital commodities by the CFTC, while securities-like digital assets would remain under SEC jurisdiction.

The bill also includes provisions addressing anti-money laundering requirements and restricting the Federal Reserve's ability to issue a central bank digital currency (CBDC). The Senate Banking Committee approved the legislation with bipartisan support in May.

Lummis, White House renew push as Senate weighs crypto bill

Lawmakers are expected to consider the bill before their August recess. Negotiations are continuing over several outstanding issues, including ethics provisions for public officials and language relating to stablecoins.

A House Financial Services subcommittee is also scheduled to hold a field hearing in New York on Friday to examine the legislation's potential impact on digital asset markets.

Senator Cynthia Lummis has been one of the bill's strongest supporters. In previous remarks, Lummis warned that delaying comprehensive digital asset legislation could leave the United States trailing other jurisdictions advancing crypto regulation.

She argued that passing the CLARITY Act is important for providing regulatory certainty, supporting responsible innovation, and maintaining the country's competitiveness in the global digital asset industry.

“Millions of Americans already hold digital assets with no federal framework protecting them. The Clarity Act gives Americans the confidence and security they need to participate in our digital economy,” Lummis wrote in an X post on Monday.

White House Crypto Council Executive Director Patrick Witt also urged lawmakers to move quickly on the legislation.

In a post on X, Witt described the current period as a "critical week" for the CLARITY Act, noting that it also marks the one-year anniversary of the GENIUS Act.

He stated that the bill reflects months of work by lawmakers and industry stakeholders, adding that the US "cannot afford to delay any longer."

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

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