Trump Urges Congressional Action on CLARITY Act in Memory of Lindsey Graham

President Donald Trump has urged the Senate to move forward with the CLARITY Act, saying it would serve as a tribute to the late Senator Lindsey Graham, who died over the weekend at the age of 71.

In a message shared Monday on Truth Social, Trump praised Graham as a supporter of the proposal and encouraged lawmakers to approve the measure. He also argued that the U.S. must remain competitive in emerging technologies, warning that China is seeking dominance in both crypto and AI. Trump said the country should not allow Beijing to gain an advantage in either field.

The legislation is among the first major congressional efforts to establish a broad regulatory framework for the crypto industry. The proposal has received strong backing from the White House and leading companies involved in crypto, although it has faced resistance in the Senate as lawmakers debate its final form.

Democrats have pressed for stronger ethics provisions, pointing to concerns about elected officials with financial interests in crypto ventures.

Earlier this year, the Senate Banking Committee approved the legislation by a 15-9 vote. Two Democratic senators joined Republicans in supporting the bill, allowing it to advance.

Although Trump linked the proposal to Graham’s memory, the senator was not considered a central figure in shaping cryptocurrency policy. Leadership on the measure has largely come from Senators Tim Scott and Cynthia Lummis, who have played leading roles in developing and promoting the legislation.

Several lawmakers have instead suggested honoring Graham by advancing a separate package of sanctions targeting Russia. The proposal, which recently received support from the White House, reflects Graham’s long-standing focus on foreign policy and national security. He had returned from a visit to Ukraine shortly before his death.

Senator Jeanne Shaheen said approving the sanctions legislation would be the most meaningful way to recognize Graham’s legacy. She said it would advance causes he championed throughout his career, including support for a secure and independent Ukraine.

Major cryptocurrency firms such as Ripple, Coinbase, and Circle continue to support the CLARITY Act, arguing that clearer federal rules could strengthen investor confidence.

Banking organizations remain opposed to the measure, warning that some provisions could enable crypto companies to provide products similar to interest-bearing accounts. They argue this could reduce bank deposits and limit the funds available for lending. Labor groups and law enforcement have also expressed concerns about the legislation.

Graham’s passing may also affect the bill’s prospects in the Senate. His death reduces the Republican conference to a 52-47 majority, leaving party leaders with less room for defections as they seek enough support to move the legislation toward final approval.

As the debates continue, crypto firms like Marathon Digital Holdings Inc. (NASDAQ: MARA) would be pleased if this bill and others seeking to regulate the crypto industry were finally passed to give the industry a clear regulatory framework upon which innovations can be based.

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