Trump, White House Push Senate to Pass Clarity Act

President Donald Trump and the White House pressed the Senate to move quickly on the Clarity Act, urging passage in tribute to the late Sen. Lindsey Graham. New bill text is expected this week and could reach the Senate floor before returning to the House.

On Truth Social, Trump wrote that the Senate should pass the Clarity Act “in honor of Senator Lindsey Graham, a big supporter,” and warned that China and other countries seek control of digital finance and artificial intelligence. The White House's top crypto adviser, Patrick Witt, urged swift action, calling the bill the result of “an incredible amount of hard work” and adding, “we cannot afford to delay any longer.”

Sen. Cynthia Lummis expressed agreement with the president on X, noting Graham's commitment to U.S. leadership on digital assets. Congress returned from the Fourth of July recess with a limited window to clear several priority bills. The House approved its version of crypto legislation last year, and multiple Senate committees have advanced related measures. Negotiators from both parties have been working to combine those committee texts into a single Senate draft.

The main point of contention is an ethics provision that would limit how the president, vice president, members of Congress and other senior officials and their families may hold or profit from digital assets while in office. Negotiators have debated the language and scope for months. A person familiar with the current draft confirmed the bill as it stands does not include an ethics provision.

Sen. Chris Murphy organized a briefing for Senate Democratic offices last week, moderated by Transparency International U.S., where anti-corruption groups recommended strict prohibitions covering presidents, senior officials, spouses and children. Sen. Elizabeth Warren wrote to Senate leaders John Thune and Chuck Schumer, calling the bill text flawed and insisting the legislation must prevent the president, vice president, senior administration officials, members of Congress and their families from profiting from the crypto industry. Warren described the current text as having “significant flaws” and warned that anything less would be “a flagrant giveaway to the President and his family at the expense of the public.”

Sponsors say the Clarity Act would establish federal definitions and regulatory boundaries for crypto products and markets, offering clearer rules for issuers, exchanges and consumers and reducing overlap among agencies. Some industry groups have opposed prior drafts that included expanded anti-money-laundering requirements.

During his Senate tenure, Graham supported several high-profile digital asset measures, voting for stablecoin legislation and backing a resolution to repeal an IRS crypto tax reporting rule. In 2023 he co-sponsored a bill with Warren that would have increased anti-money-laundering obligations for the industry.

If negotiators cannot reach agreement on ethics language, senators may file last-minute amendments or extend floor debate before any final passage.