Trump Urges Senate to Pass Clarity Act Cryptocurrency Bill

President Donald Trump urged the U.S. Senate on July 13 and 14 to pass the Clarity Act, a comprehensive cryptocurrency regulatory bill, as a tribute to Senator Lindsey Graham, who died on July 11. Trump framed the legislation as a matter of national security and competitiveness, arguing that passing the act is necessary to prevent China and other nations from gaining control over digital assets and artificial intelligence.

The Clarity Act would establish a digital-asset market structure by dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, granting the latter exclusive jurisdiction over spot markets for digital commodities. While the bill has already passed the House and the Senate Banking Committee, it currently faces delays in the Senate.

Senator Elizabeth Warren has opposed the rush to pass the bill, sending a letter to Senate leaders demanding ethics guardrails. Warren alleges that the legislation lacks necessary protections and could improperly benefit the Trump family, citing reports of the president's $1.4 billion in crypto-related income. Conversely, Senator Cynthia Lummis and Treasury Secretary Scott Bessent have advocated for the bill to establish the United States as the world's innovation capital. A White House spokesperson rejected Warren's claims, stating that administration actions are taken in the best interest of the American people.