- Trump has publicly backed the CLARITY Act, saying it would lock in long-term protections for the US crypto industry.
- Senate passage remains uncertain as Republicans likely need Democratic support to overcome procedural hurdles.
- Democrats continue raising ethics concerns over the Trump family’s expanding involvement in crypto ventures.
US President Donald Trump has pledged to cement a “future-proof digital asset market structure” into law, intensifying pressure to move the CLARITY Act through the Senate after months of delays. Trump said on Truth Social that the legislation would stop future administrations from undoing crypto regulations and accused “crypto haters” of threatening the sector’s growth.
The president also argued that policies under former SEC Chair Gary Gensler forced Bitcoin and digital asset innovation overseas. Trump said the United States was now building the “new Frontier of Finance” and promised continued support for the crypto industry.
The CLARITY Act has already passed the House of Representatives and advanced through Senate committee markups earlier this year, but further progress remains uncertain. Ongoing disagreements between crypto advocates and banking lobby groups, including disputes linked to stablecoin rewards, have contributed to the prolonged delays.
Related Survey Finds Majority Distrusts Donald Trump on Crypto Oversight Despite Pro-Industry Push
Democrats Demand Ethics Safeguards
Republicans are expected to need Democratic votes to secure Senate approval because of their slim majority. However, several Democrats have continued raising concerns about possible conflicts of interest involving Trump family crypto ventures.
Those concerns relate to the Trump family’s links to memecoin projects, World Liberty Financial, the USD1 stablecoin, Bitcoin mining companies and prediction market businesses. Senator Ruben Gallego warned he would oppose the bill during a full Senate vote unless conflict-of-interest concerns tied to the president and his family were addressed.
Analysts have also cautioned that the legislation still faces major hurdles. Benchmark analyst Mark Palmer said the proposal would require significantly stronger Democratic backing to secure the 60 Senate votes needed to overcome a filibuster.
Related: WLFI Token Unlock Plan Nears Approval as Whales Dominate Vote
Be the first to comment