President Trump, White House press Senate to advance the Clarity Act while ethics fight looms

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.

Graham was not a leading negotiator of crypto legislation, but he supported a few high-profile digital asset measures. He voted for stablecoin legislation and backed a resolution repealing an IRS crypto tax reporting rule. At the same time, in 2023, he co-sponsored legislation with Sen. Elizabeth Warren that would have expanded anti-money laundering requirements for the cryptocurrency industry—a proposal that drew strong opposition from many crypto companies and industry groups.

Sen. Cynthia Lummis, R-Wyo., who has been pushing to pass crypto legislation, said she agreed with Trump in a post on X.

"Couldn’t agree more with @POTUS," Lummis said Monday. "Senator Graham was a good friend of mine and was passionate about ensuring that American leadership stayed at the forefront of everything - including digital assets."

The White House's top crypto adviser, Patrick Witt, also made a push to pass the Clarity Act.

"A reminder of the incredible amount of hard work that has gone into this bill, but also of the time we’ve already lost," Witt said. "We cannot afford to delay any longer."

Meanwhile, one of the key hurdles in passing the bill has been whether to include an ethics provision. Negotiators from both parties have spent months discussing ethics provisions that would limit how presidents, vice presidents, members of Congress and other federal officials can profit from digital assets while in office.

On Monday, a source with knowledge said that the current bill text does not include an ethics provision. Last week, Sen. Chris Murphy, D-Conn., organized a briefing for Democratic Senate offices to discuss ethics, which was moderated by anti-corruption coalition Transparency International U.S., the source said.

During the briefing, panelists from anti-corruption groups called for language that says the president, senior officials, spouses and children cannot profit from crypto ventures, the source said.

On Monday, Sen. Warren said the current bill text has "significant flaws" in a letter to Senate Majority Leader John Thune and Senate Minority Leader Charles Schumer.

"The crypto legislation heading to the Senate floor must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry," Warren said. "Anything less would be a flagrant giveaway to the President and his family at the expense of the public."