President Donald Trump called on the Senate on Monday to pass the Clarity Act “in honor” of Sen. Lindsey Graham (R-S.C.), describing the late Republican as a “big supporter” of the cryptocurrency legislation.
‘Don’t Let China Win’
Trump said via his Truth Social that China and many other countries are pushing to take “complete and total control” of the cryptocurrency industry, which he described as a “major financial happening,” and the AI space.
“Don’t let China win on either subject,” Trump warned.
Lummis Endorses Trump’s Call
Sen. Cynthia Lummis (R-Wyo.), one of Clarity Act’s strongest proponents, endorsed Trump’s call, recognizing Graham as a “passionate” supporter of American leadership, including when it comes to digital assets.
“Let’s get Clarity passed and to President Trump’s desk,” the senior lawmaker said.
It’s worth recalling that Graham voted in favor of the GENIUS Act, i.e, stablecoin legislation, that became law last year.
Warren Says Senate Rushing Through Crypto Bill
Sen. Elizabeth Warren (D-Mass.), one of the Clarity Act’s strongest critics, accused the Senate of “prioritizing legislation that could further boost the Trump family’s cryptocurrency businesses.”
In a letter sent to Senate Majority Leader John Thune (R-S.D.) and Senate Minority Leader Chuck Schumer (D-N.Y.), Warren pointed to “significant flaws” in the bill’s current draft. She urged the Senate to include ethics guardrails to prevent the President, Vice President, senior administration officials and their families from profiting off the cryptocurrency industry.
“Anything less would be a flagrant giveaway to the President and his family at the expense of the public,” the senior Democrat said.
Trump’s financial disclosures revealed he earned roughly $1.4 billion from cryptocurrency ventures, including World Liberty Financial and the Official Trump (CRYPTO: TRUMP) memecoin.
A White House spokesperson told Benzinga previously that all actions by the Trump administration are taken in the “best interest of the American people,” while rejecting any suggestions of “conflict of interest.”
Photo Courtesy: Joey Sussman on Shutterstock.com
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