President Donald Trump called on the Senate to pass the CLARITY Act in memory of Sen. Lindsey Graham, adding White House pressure to the final stretch of crypto market-structure negotiations.
“n honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act, Trump wrote on Truth Social.
Trump warned that China and other countries were competing to control digital finance and artificial intelligence, ending the message with: “Don’t let China win on either subject.”
Graham died on July 11 at age 71 after an aortic dissection caused by cardiovascular disease. His death leaves South Carolina Gov. Henry McMaster responsible for appointing an interim senator until a special election.
Sen. Cynthia Lummis backed Trump’s call, writing that Graham was committed to keeping American leadership at the forefront of digital assets.
Couldn’t agree more with @POTUS,” Lummis wrote on X.
Senate Still Needs 60 Votes
The Senate Banking Committee advanced its version of the legislation in a 15-9 vote on May 14, with Democratic Sens. Ruben Gallego and Angela Alsobrooks joining the committee’s Republicans.
A floor vote would still face the Senate’s 60-vote cloture threshold. Ethics restrictions, stablecoin rewards, decentralized finance rules and protections for non-custodial software developers remain unresolved.
The bill’s path through the Senate has narrowed ahead of the August recess, with no floor vote placed on the calendar.
The latest Senate text would divide oversight between the Commodity Futures Trading Commission and Securities and Exchange Commission. The CFTC would gain authority over spot markets for qualifying digital commodities, while the SEC would retain jurisdiction over securities, investment contracts and related issuer disclosures.
Graham was not a lead negotiator on the CLARITY Act. He supported the federal stablecoin bill and voted to overturn an Internal Revenue Service reporting rule affecting decentralized crypto platforms. He also co-sponsored a separate 2023 bill with Sen. Elizabeth Warren that sought broader anti-money-laundering requirements for crypto businesses.
House Panel Sets New York Hearing
The House Financial Services Committee will hold a July 17 field hearing in New York focused on how the CLARITY Act could affect financial innovation.
The House passed H.R. 3633 in July 2025. Any revised Senate version would need approval from both chambers before reaching Trump’s desk.
Senate negotiators are expected to release updated language combining work from the Banking and Agriculture committees, but no date has been set for floor debate.
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