President Donald Trump urged the Senate to pass the CLARITY Act in honor of late Senator Lindsey Graham, adding White House pressure to a crypto market structure bill that remains stuck on ethics rules, Democratic votes, and stablecoin provisions.
Trump Pushes Senate on Crypto Bill
Trump called for Senate action in a Truth Social post on Monday after Graham, a South Carolina Republican and close Trump ally, died at age 71 over the weekend. The president linked the crypto bill to U.S. competition with China and artificial intelligence.
“In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act,” Trump said. He added, “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. Don’t let China win on either subject!!!”
The CLARITY Act is one of the most closely watched crypto bills in Congress. The measure would set rules for digital asset markets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Source: TruthSocial
The bill would give the CFTC authority over secondary market trading of digital commodities such as Bitcoin and Ethereum, while keeping the SEC’s role over initial offerings. It would also create registration, disclosure and consumer protection rules for crypto companies.
Senate Vote Math Remains Difficult
The Senate Banking Committee advanced its version of the bill in May by a 15-9 vote. Democratic Senators Ruben Gallego and Angela Alsobrooks joined Republicans in committee, but both lawmakers have not guaranteed support on the Senate floor.
The bill needs 60 votes to overcome a filibuster. After Graham’s death, Republicans hold a narrower 52-47 Senate majority, meaning the bill would need support from several Democrats to move forward.
A new Senate draft is expected to combine work from the Banking and Agriculture committees. Lawmakers are targeting possible floor action during the week of July 20, though the timing still depends on whether negotiators can settle open issues.
Coinbase Vice Chair Ryan VanGrack said the bill is “on the one-yard line” and claimed momentum toward passage is “unmistakable.” That view reflects industry confidence, but the Senate vote count has not yet shown enough Democratic support for final passage.
Senator Cynthia Lummis also backed Trump’s call, saying Graham cared about U.S. leadership in digital assets. “Let’s get Clarity passed and to President Trump’s desk,” she said.
Ethics Rules and Stablecoin Yield Still Unresolved
Ethics restrictions remain one of the main disputes. Democrats are pushing rules that would limit financial ties to crypto businesses for the president, vice president, senior administration officials, members of Congress and their families.
The issue gained attention after Trump’s financial disclosure showed more than $1.4 billion in 2025 income tied to his family’s crypto ventures, including World Liberty Financial and Trump-branded tokens. Democrats argue that any market structure bill should address conflicts before expanding legal clarity for the sector.
Other unresolved areas include Section 604 and stablecoin yield. Banks have opposed parts of the bill, warning that crypto firms could offer interest-like rewards to stablecoin holders and draw deposits away from traditional lenders.
Crypto companies including Coinbase, Circle and Ripple have supported the CLARITY Act, arguing that clear rules would help investors and companies operate in the U.S. Law enforcement groups and some labor groups have also raised concerns over the bill.
Acting CFTC Chair Mike Selig backed Trump’s statement and said the U.S. cannot let outdated laws leave it behind China and other countries. “It’s time for CLARITY,” he said.
Source: Polymarket
Prediction market odds have also shifted as the debate continues. Polymarket showed the chance of the CLARITY Act becoming law in 2026 at 40%, down 25 percentage points, reflecting doubt over whether lawmakers can resolve the remaining disputes in time.
