President Donald Trump and other key administration officials and lawmakers are making a renewed push to pass sweeping cryptocurrency legislation into law.
Congress is back in Washington after a Fourth of July recess and has just the next few weeks to pass several bills, including the Clarity Act.
On Monday, Trump pushed for that bill to pass in tribute to Sen. Lindsey Graham, who died unexpectedly over the weekend.
"In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act. 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," Trump said in a Truth Social post. "Don’t let China win on either subject!!!"
Over the past year, the Senate has been working on passing the Clarity Act, which would regulate the crypto industry for the first time at the federal level. The House passed its version of the bill last year, and key Senate committees passed their versions over the past several months. New text of the bill is expected to be released this week, which could be voted on in the full Senate before heading back over to the House.
