WASHINGTON: President Donald Trump urged the US Senate to pass the Clarity Act, saying the proposed cryptocurrency legislation is essential to maintaining America’s technological and financial edge over China.
In a post on his Truth Social platform, Trump called on senators to approve the bill, saying it would serve as a tribute to the late Sen. Lindsey Graham, whom he described as a strong supporter.
Trump argued that China and other countries are seeking to dominate the cryptocurrency industry and are also competing aggressively with the United States in the field of artificial intelligence.
“We must not let China succeed in either of these sectors,” Trump said, urging lawmakers to move the legislation forward.
The appeal comes after the death of Graham, a Republican ally of Trump, which could complicate the bill’s prospects in the Senate by reducing the Republican majority. The legislation would require 60 votes to pass the Senate before it could become law.
The Clarity Act is among the first comprehensive proposals to establish a federal regulatory framework for the cryptocurrency industry. It has received support from major U.S. crypto companies and the White House, with backers arguing that clear regulations would strengthen investor confidence and encourage further investment.
Some Democratic lawmakers, however, have called for stricter ethics provisions in the bill, including additional restrictions on elected officials, arguing that public officeholders should face tighter oversight over their involvement in digital assets.
