President Donald Trump has renewed his push for comprehensive cryptocurrency legislation, urging the Senate to approve the CLARITY Act while dedicating the effort to the late Sen. Lindsey Graham.
The renewed appeal comes as Washington continues debating digital asset regulation. In a post on Truth Social, Trump said the legislation would recognize Graham's support while arguing that the United States must remain competitive in both cryptocurrency and artificial intelligence.
"In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the CLARITY Act," Trump wrote in the publication. He added that China and other countries are competing aggressively in both digital assets and AI, urging lawmakers not to "let China win on either subject."
The CLARITY Act is among the first broad legislative efforts to establish a regulatory framework for cryptocurrencies in the United States. The measure has received backing from the White House and much of the cryptocurrency industry, although Senate negotiations have slowed amid disagreements over ethics provisions and oversight.
Several Democratic lawmakers have sought stronger ethics guardrails for elected officials involved with digital assets, including Trump, whose family-backed cryptocurrency ventures have attracted increased attention during the debate, Reuters has previously reported. Those concerns have remained a point of contention as lawmakers work through the legislation's final details.
The Senate Banking Committee approved the CLARITY Act in May by a 15-9 vote, with two Democrats joining Republicans to advance the measure, CNBC noted. Graham did not serve on the committee and therefore did not participate in that vote.
The legislation has drawn strong support from major cryptocurrency companies, including Coinbase, Circle and Ripple, which argue that clearer federal rules would provide greater regulatory certainty and encourage wider institutional participation in digital assets.
Not all industry groups support the proposal. Banking organizations have argued that parts of the legislation could allow cryptocurrency firms to offer products resembling interest-bearing accounts, potentially reducing traditional bank deposits available for lending. Some labor organizations and law enforcement groups have also raised objections to elements of the bill.
Graham died at age 71 following a brief illness. Preliminary findings from the District of Columbia medical examiner identified the cause of death as an aortic dissection related to arteriosclerotic cardiovascular disease, Reuters reported. Graham had become one of Trump's closest allies after initially criticizing him during the 2016 presidential campaign.
Graham's death has also affected Senate mathematics at a critical time. Republicans now hold an effectively smaller working majority while awaiting the appointment of a replacement from South Carolina.The loss of Graham, combined with Sen. Mitch McConnell's continuing absence because of illness, has reduced Republicans' effective Senate margin to 51 seats, making passage of key legislation more challenging.
