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Trump urges Senate to pass crypto CLARITY Act in honor of Lindsey Graham
Republicans now hold 51-47 in the chamber after Graham’s death and another senator’s hospitalization, raising the odds the CLARITY Act needs Democratic votes to reach 60.
President Donald Trump is urging the Senate to pass the Digital Asset Market Clarity (CLARITY) Act, framing the push around Senator Lindsey Graham’s death, according to Cointelegraph. Trump made the call in a Monday Truth Social post, saying Graham was “a big supporter” of the legislation. The report also notes the Senate has about four weeks left in session before a month-long state work period in August.
Cointelegraph says the bill is expected to shift enforcement and regulatory oversight authority for digital assets from the US Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). The article adds that some Senate Democrats have indicated they would oppose the measure unless it includes provisions aimed at potential conflicts of interest involving lawmakers and the crypto industry.
The piece further states that Graham died at age 71 on Saturday, and that with Senator Mitch McConnell hospitalized, Republicans’ effective majority fell to 51-47. That narrower margin would likely require additional Democratic support to reach the 60-vote threshold to pass the crypto market structure bill.