U.S. Senator Lindsey Graham (R-SC) gestures, while standing next to former U.S. President Donald Trump, during Donald Trump’s campaign stop to unveil his leadership team, at the South Carolina State House in Columbia, South Carolina, U.S., January 28, 2023.
Shannon Stapleton | Reuters
President Donald Trump on Monday said he’s calling on the Senate to pass cryptocurrency legislation known as the Clarity Act to honor the late Sen. Lindsey Graham, who died at 71 over the weekend.
“In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act,” Trump said in a post to 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.
Crypto players including Coinbase, Circle and Ripple have supported the Clarity Act, hoping regulation of the industry will encourage investors.
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.
