TL;DR:
- On July 13, 2026, former President Donald Trump requested the urgent approval of the Clarity Act following the passing of Senator Lindsey Graham at the age of 71.
- The legislative proposal was approved in May 2026 by the U.S. Senate Banking Committee with a vote of 15 in favor to 9 against.
- The current text of the legislation under debate does not include ethics provisions aimed at restricting the economic benefits of digital assets for high-ranking public officials.
President Donald Trump urged the United States Senate to approve the Clarity Act immediately. This call to action from the leader occurs following the passing of Senator Lindsey Graham last weekend.
Trump made a statement this Monday through his account on Truth Social. In the post, he argues that the measure is indispensable to prevent China from assuming global leadership in the field of digital assets and artificial intelligence.
A report from CNBC reveals that the bill is presented as the first comprehensive regulatory framework for the crypto market at the federal level in U.S. territory. The House of Representatives already granted its approval to a previous version of this document during the course of last year.
The passing of Senator Graham, which occurred after a sudden aortic dissection, reduces the Republican majority in the Senate to a ratio of 52 seats to 47. Industry analysts estimate that this variation in the balance of partisan forces could directly influence the voting pace of the legislative reforms planned before the August legislative recess.
Although Lindsey Graham did not figure as one of the main drafters of the regulation, Congressional legislative documentation records that the lawmaker had consistently supported key digital asset initiatives, such as the regulation of stablecoins and the overturn of IRS tax rules for cryptocurrencies.
Debates on ethical regulations in Congress
Negotiations surrounding the final approval of the legal framework remain marked by internal debates between political parties regarding the control of investments by public officials. According to informed sources cited by The Hill, the current draft of the legislative text does not incorporate the strict ethics clauses requested by the Democratic sector.
These proposed amendments sought to expressly prohibit high-ranking officials, members of Congress, and their immediate families from profiting from crypto industry ventures while in office. This Monday, Senator Elizabeth Warren expressed, through a letter addressed to Senate leaders, that the current draft presents significant flaws by failing to include safeguards that restrict such personal benefits.
For their part, representatives of the traditional banking sector have also expressed significant objections to the proposed text. According to data provided by the Independent Community Bankers of America (ICBA), there is fear that the Clarity Act could allow stablecoin issuers to offer yields and financial rewards similar to bank interest, which could trigger a massive transfer of deposits away from rural banking entities toward digital cryptocurrency platforms.
Despite these objections and the challenges in bipartisan negotiations, the Trump administration and advocates of the reform seek to accelerate the processes before the close of sessions of the summer period. The publication of a new version of the bill’s text is scheduled for this very week of July 2026, paving the way for a final vote on the Senate floor before being sent back to the House of Representatives.
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