U.S. Sen. Lindsey Graham (R-South Carolina) stands next to former President Donald Trump and gestures as he announces his leadership team during President Trump’s campaign stop at the South Carolina State Capitol on January 28, 2023 in Columbia, South Carolina.
Shannon Stapleton Reuter
President Donald Trump said Monday that he wants the Senate to pass a virtual currency bill known as the Clarity Act in memory of the late Sen. Lindsey Graham, who died at the age of 71 over the weekend.
“With all due respect to my big supporter, Sen. Lindsey Graham, the U.S. Senate should pass the Clarity Act,” President Trump said in a post on Truth Social. “China and many other countries want complete and total control over this momentous financial ‘event’ and the AI that we are currently leading, but they are fighting hard. Don’t let China win on either topic!!!”
The Clarity Act is one of the first broad-based laws to regulate cryptocurrencies and is supported by the crypto industry and the White House. There has also been some deadlock in the Senate, with Democrats seeking stronger ethics guardrails for elected officials like Trump who have made billions of dollars in digital currencies.
The Senate Banking Committee approved the bill on a 15-9 vote in May, with two Democrats joining Republicans in pushing the bill. Mr. Graham did not cast a vote because he did not serve on the Banking Committee.
Cryptocurrency players such as Coinbase, Circle, and Ripple support the Clarity Act in hopes that industry regulation will encourage investors.
However, banks opposed the bill, warning that it would allow crypto groups to offer interest-like payments to stablecoin holders and could lead to a decline in bank deposits and a lack of capital for lending. Law enforcement agencies and some labor groups also oppose the measure.
Graham’s death could complicate passage of the bill in the Senate, narrowing the already slim Republican majority to 52-47.
