President Donald Trump and White House officials pushed the Senate on Monday to pass the Clarity Act, sweeping cryptocurrency legislation, following the unexpected death of Sen. Lindsey Graham over the weekend. Congress returned to Washington after a Fourth of July recess with weeks remaining to advance the bill, which would establish the first federal-level regulation of the crypto industry. Trump's call came as Senate negotiators face disputes over whether to include ethics provisions limiting how federal officials can profit from digital assets while in office.
Trump Calls for Clarity Act Passage in Graham Tribute
Trump posted on Truth Social on Monday urging the Senate to pass the Clarity Act in honor of Graham. "In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act. China, and many other countries, would like to take complete and total control of this major financial 'happening,' as well as A.I., where we are now leading, but where they are fighting hard," Trump said. "Don't let China win on either subject!!!"
Sen. Cynthia Lummis, R-Wyo., responded on X agreeing with Trump. "Couldn't agree more with @POTUS," Lummis said Monday. "Senator Graham was a good friend of mine and was passionate about ensuring that American leadership stayed at the forefront of everything - including digital assets."
White House crypto adviser Patrick Witt also pushed for passage. "A reminder of the incredible amount of hard work that has gone into this bill, but also of the time we've already lost," Witt said. "We cannot afford to delay any longer."
Graham's Record on Crypto Legislation
Graham was not a leading negotiator of crypto legislation but supported several digital asset measures. He voted for stablecoin legislation and backed a resolution repealing an IRS crypto tax reporting rule. Graham co-sponsored legislation with Sen. Elizabeth Warren that would have expanded anti-money laundering requirements for the cryptocurrency industry, a proposal that drew opposition from crypto companies and industry groups.
Senate Timeline and Ethics Provision Dispute
The Senate has been working on passing the Clarity Act over the past year. The House passed its version last year, and Senate committees passed their versions over the past several months. New text of the bill is expected to be released this week, which could be voted on in the full Senate before heading back to the House.
A source with knowledge said on Monday that the current bill text does not include an ethics provision. Negotiators from both parties have spent months discussing ethics provisions that would limit how presidents, vice presidents, members of Congress and other federal officials can profit from digital assets while in office.
Last week, Sen. Chris Murphy, D-Conn., organized a briefing for Democratic Senate offices to discuss ethics, moderated by Transparency International U.S., the source said. During the briefing, panelists from anti-corruption groups called for language stating the president, senior officials, spouses and children cannot profit from crypto ventures, the source said.
Sen. Warren said on Monday the current bill text has "significant flaws" in a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer. "The crypto legislation heading to the Senate floor must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry," Warren said. "Anything less would be a flagrant giveaway to the President and his family at the expense of the public."
FAQ
What did President Trump call for on Monday regarding the Clarity Act?
Trump posted on Truth Social on Monday urging the Senate to pass the Clarity Act in honor of Sen. Lindsey Graham, who died over the weekend. Trump stated the bill should pass to prevent China from gaining control over cryptocurrency and artificial intelligence.
Does the current Clarity Act bill text include ethics provisions?
According to a source with knowledge, the current bill text released on Monday does not include an ethics provision. Negotiators from both parties have spent months discussing ethics language that would limit how federal officials can profit from digital assets while in office, but no such provision appears in the current draft.
