Shannon Stapleton | Reuters
“In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act,” Trump said in a post on Truth Social. “China, and many other countries, would like to take complete and total control of this major financial ‘happening,’ as well as A.I., where we are now leading, but where they are fighting hard. Don’t let China win on either subject!!!”
The Clarity Act is one of the first wide-ranging pieces of legislation to regulate cryptocurrencies, and is backed by the crypto industry and the White House. It has hit some snags in the Senate, with Democrats pushing for increased ethics guardrails for elected officials like Trump, who has made billions of dollars on digital currencies.
The Senate Banking Committee approved the bill 15-9 in May, with two Democrats joining Republicans to advance the legislation. Graham did not serve on the Banking Committee, so he didn’t cast one of the votes.
Banks, however, opposed the bill, warning it could allow crypto groups to offer interest-like payments to stablecoin holders and lead to decreased bank deposits and a lack of capital for loans. Law enforcement and some labor groups also have opposed the measure.
Graham’s death could complicate Senate passage of the measure, as it narrows the already thin Senate Republican majority to 52-47.
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