The current president of the United States, Donald Trump, intensified pressure for the Senate to approve the Clarity Act, a bill that could establish the first comprehensive federal rules for the cryptocurrency market in the country. The proposal returned to the center of discussions with the resumption of congressional work after the July 4 holiday recess and could be voted on in the coming weeks.
The approval of the Clarity Act is considered one of the main priorities on the cryptocurrency-related agenda in Washington. The text seeks to define which agencies will be responsible for supervising the sector and to create a clearer regulatory environment for companies, investors, and developers.
On Monday, Trump publicly asked the Senate to approve the bill in honor of Senator Lindsey Graham, who died unexpectedly over the weekend.
"In honor of Senator Lindsey Graham, a great supporter, the U.S. Senate should pass the Clarity Act. China, and many other countries, would like to take total and complete control of this important financial 'event,' as well as AI, an area in which we are leading, but where they are fighting hard," Trump said in a post on Truth Social. "Don't let China win on either issue!!!"
The statement reinforces the White House's argument that cryptocurrency regulation is also part of the United States' strategy to maintain technological leadership vis-à-vis China in sectors considered strategic.
In recent months, Congress has advanced discussions on the Clarity Act. The House of Representatives has already approved its version of the bill, while important Senate committees have completed the review of their respective texts. A new consolidated document is expected to be released this week, paving the way for a floor vote before returning to the House for final adjustments.
Although Lindsey Graham did not directly participate in the proposal's negotiations, the senator supported important measures for the sector. He voted in favor of the stablecoin regulation bill and also backed the repeal of an IRS rule on tax reporting involving cryptocurrencies. In 2023, however, he also co-sponsored a proposal with Elizabeth Warren to expand anti-money laundering requirements in the sector.
Senator Cynthia Lummis, one of the leading advocates of cryptocurrency regulation in the Senate, expressed support for the president's statement.
"I couldn't agree more with @POTUS," Lummis said on Monday. "Senator Graham was a great friend of mine and had a passion for ensuring that American leadership remained at the forefront of everything, including digital assets."
White House cryptocurrency adviser Patrick Witt also renewed his defense of speed in the bill's processing.
"A reminder of the incredible amount of hard work that has gone into this bill, but also of the time we have already lost," Witt said. "We cannot afford to delay any longer."
Despite growing support, the Clarity Act still faces resistance on a point considered decisive. Lawmakers from both parties continue discussing the inclusion of ethics rules that would prohibit the president, the vice president, government members, members of Congress, and their family members from obtaining gains from cryptocurrency-related business while holding public office.
According to sources close to the negotiations, the most recent version of the bill does not include this requirement, which prompted new criticism from Senator Elizabeth Warren. In a letter sent to Senate leaders, she said the proposal still contains "significant flaws."
"The cryptocurrency legislation to be voted on in the Senate must prevent the president, the vice president, senior government officials, members of Congress, and their families from profiting from the cryptocurrency sector," Warren said. "Anything different from that would be a blatant concession to the president and his family at the public's expense."
With Congress working against the clock before the legislative recess, the Clarity Act vote has gained even more importance. If approved by the Senate, the proposal could represent the biggest change in cryptocurrency regulation in the United States, establishing federal rules for a sector that has been awaiting greater legal certainty for years.
