Trump Urges Senate To Pass CLARITY Act In Honor Of Lindsey Graham
By CU Today Staff —
WASHINGTON— President Donald Trump on Monday urged the Senate to pass the CLARITY Act, the chamber's sweeping cryptocurrency market structure legislation, saying approval would honor the memory of the late Sen. Lindsey Graham (R-SC), who died over the weekend.
"In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act," Trump wrote on Truth Social, adding that the legislation would help the United States compete with China in cryptocurrency and artificial intelligence, CNBC reported.
The CLARITY Act, which would establish a comprehensive regulatory framework for digital assets, is backed by the White House and much of the cryptocurrency industry but has stalled in the Senate amid Democratic demands for stronger ethics provisions tied to elected officials' cryptocurrency holdings. CNBC reported the Senate Banking Committee approved the measure in May on a bipartisan 15-9 vote.
Although Graham did not serve on the Banking Committee and was not a leading architect of the legislation, CNBC noted the bill has been championed primarily by Senate Banking Committee Chairman Tim Scott (R-SC) and Sen. Cynthia Lummis (R-WY). Graham's death also temporarily narrows the Senate Republican majority to 52-47, potentially complicating efforts to move the bill through the chamber.
The measure is supported by cryptocurrency companies including Coinbase, Circle and Ripple, which argue clearer regulations will encourage investment in digital assets. Banks, however, have opposed the legislation, warning it could allow stablecoin issuers to compete with traditional deposits and reduce funding available for loans, while some law enforcement and labor organizations have also raised concerns, CNBC reported.
Originally reported by CU Today.