US President Donald Trump has urged the nation’s Senate to pass the Digital Asset Market CLARITY Act in honor of the late Senator Lindsey Graham.
Trump to Senate: pass the CLARITY Act
In a Truth post dated today, Trump insisted that America should get ahead of China and “many other countries” in the race towards becoming global leaders in both the crypto ecosystem and artificial intelligence (AI). He was backed by Senator Cynthia Lummis and Chairperson of the Commodity Futures Trading Commission (CFTC), Mike Selig.
Aged 71, Senator Lindsey Graham passed on Saturday, July 11, after suffering a brief, sudden, and fatal cardiac event. Formerly a critic of Trump in 2016, he evolved into one of his greatest allies and confidants in the Senate.
Among the agendas Graham championed were the passage of the CLARITY Act and legislation supporting safe and responsible use of AI and technological innovation. He believed these would help America maintain its competitiveness against foreign adversaries.
What’s next in the legislative process?
At present, the CLARITY Act is experiencing a delay due to disputes over ethical grounds, stablecoin yields, and anti-money laundering measures. Senators Angela Alsobrooks and Elizabeth Warren have specifically raised concerns about public officials holding certain cryptocurrencies, as well as the Trump family’s crypto endeavors. Persistent stalling has reduced the odds of the bill becoming law this year to just 40%, down from a high of 90% earlier this year.
Source: Polymarket
That said, the Senate just resumed after recess and now has a narrow 20-day window to pass the bill before the August break. Should it miss this opportunity, its discussion might be postponed as attention shifts towards the September mid-term elections. The House Financial Services Subcommittee on Digital Assets has scheduled a hearing to review the draft framework on July 17.
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