US President Donald Trump is urging members of the Senate to pass the Digital Asset Market Clarity (CLARITY) Act “in honor of” Senator Lindsey Graham, who died over the weekend.
In a Monday Truth Social post, Trump said that Graham had been “a big supporter” of the CLARITY Act, calling on the Senate to pass the legislation. The chamber has four weeks in session before a month-long state work period in August, giving lawmakers a small window of opportunity to pass the crypto market structure bill. Graham died at age 71 on Saturday.
Source: Donald Trump
Graham, a South Carolina lawmaker who worked in the Senate since 2003, did not serve on the banking committee or agriculture committee in the current session of Congress, and did not cast any vote advancing the CLARITY Act. He voted in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in 2025, but did not appear to have made any public statements directly supporting CLARITY.
The crypto market structure bill is expected to shift much of the authority for enforcing digital asset regulation and oversight from the US Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). However, many Senate Democrats have signaled that they will not support the legislation without provisions to address potential conflicts of interest between lawmakers and the crypto industry, some citing Trump’s ties to projects like his memecoin and his family’s World Liberty Financial company.
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With the death of Graham and Senator Mitch McConnell hospitalized, Republicans’ current majority in the Senate has been reduced to 51-47, likely requiring additional support from Democrats to meet the 60-vote threshold to pass the crypto bill. Cointelegraph sought comment from the offices of Senators Tim Scott, Kirsten Gillibrand and Angela Alsobrooks for a reaction to Trump’s comments but did not receive an immediate response.
In a Monday X post, Senator Cynthia Lummis said she supported Trump’s comment, adding Graham “was passionate about ensuring that American leadership stayed at the forefront of everything – including digital assets.” Cointelegraph also contacted Lummis’ office for clarification on Graham’s position on digital assets but did not receive an immediate response.
“We cannot afford to delay any longer,” White House crypto adviser Patrick Witt said in a Monday X post on the CLARITY Act.
Senate Democrats call for hearings into Trump’s ties to crypto
Last week, five Senate Democrats asked lawmakers to address Trump’s 2025 financial disclosure, in which he reported earning about $1.4 billion connected to crypto ventures. The lawmakers, all ranking members of Senate committees and subcommittees, said that the disclosures “heighten concerns about the President pushing Congress to pass crypto legislation in favor of the very industry he’s cashing in on.”
Magazine: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor
This is a developing story and will be updated as more information is available.
