President Donald Trump posted on Truth Social on July 13 urging the Senate to pass the CLARITY Act "in honor of Senator Lindsey Graham, a big supporter" and warning China seeks control of the cryptocurrency sector. Graham, the South Carolina Republican who backed the crypto market structure bill, died on July 11 at age 71 after a brief illness, with a preliminary finding from the District of Columbia medical examiner attributing death to an aortic dissection. Senator Cynthia Lummis is leading the Senate push for the bill, which would split digital asset oversight between the CFTC for digital commodities and the SEC for securities tokens, with updated bill text expected shortly as Congress returns to Washington.
Trump framed the crypto market structure bill as critical to keeping the United States ahead in cryptocurrency and artificial intelligence as competition from China intensifies. Supporters, including Lummis, have echoed the call as Congress returns to Washington, according to reports.
CLARITY Act Passed House 294-134 and Cleared Senate Banking Committee 15-9
The CLARITY Act passed the House by a bipartisan 294-134 vote in July 2025 and cleared the Senate Banking Committee 15-9 in May. The bill needs 60 votes to clear the Senate floor.
Lummis Targets Senate Floor Vote Before August Recess
Lummis, the bill's lead Senate advocate, said before the recess that negotiators would "put out a text over the July 4th" holiday to give people one last thorough look, "and then we're moving in July." Updated bill text is expected shortly, according to reports, and supporters are targeting a vote in the roughly four weeks of floor time left before the August recess.
House Members Press for Ethics Provisions on Federal Officials' Crypto Profits
House members have pressed the Senate to address how federal officials, including the president, profit from digital assets while in office, after financial disclosures were reported to show Trump earned more than US$1 billion (AU$1.44 billion) from crypto-related businesses last year.
Trump has previously rejected concerns over his family's crypto ventures, saying "there's nothing illegal, there's nothing wrong with it" and that he does not discuss the businesses with his children. No wrongdoing has been established, and the negotiations concern ethics provisions in the bill text.
FAQ
What did Trump post on July 13 about the CLARITY Act?
Trump posted on Truth Social on July 13 urging the Senate to pass the CLARITY Act "in honor of Senator Lindsey Graham, a big supporter" and warning China wants control of the cryptocurrency sector.
What are the vote counts for the CLARITY Act so far?
The CLARITY Act passed the House 294-134 in July 2025 and cleared the Senate Banking Committee 15-9 in May. The bill needs 60 votes to clear the Senate floor.
When did Senator Lindsey Graham die?
Senator Lindsey Graham died on July 11 at age 71 after a brief illness, with a preliminary finding from the District of Columbia medical examiner attributing death to an aortic dissection.
