Trump Administration Renews Drive for Landmark Crypto Bill as Senate Faces Tight Timeline
The Trump administration is intensifying its push to secure federal cryptocurrency legislation, urging Congress to approve the long-awaited Clarity Act before lawmakers leave Washington in the coming weeks.
With Congress returning from its Fourth of July recess, attention has shifted back to a series of major legislative priorities, including a bill that would establish the first comprehensive federal regulatory framework for the U.S. digital asset industry.
President Donald Trump publicly called on the Senate to move the legislation forward, framing the effort as essential to maintaining America's leadership in both cryptocurrency and artificial intelligence. In a post on Truth Social, Trump also dedicated his appeal to the late Sen. Lindsey Graham, praising him as a supporter of the initiative while warning that countries such as China are competing aggressively in emerging technologies.
The Senate has spent months refining its version of the Clarity Act after the House approved similar legislation last year. Updated bill language is expected to be released shortly, potentially setting up a Senate vote before the proposal returns to the House for final consideration.
Although Graham was not directly involved in negotiating the legislation, he backed several notable crypto-related measures during his time in office. He supported legislation regulating stablecoins and voted to overturn an IRS rule covering cryptocurrency tax reporting. Earlier, however, he also joined Sen. Elizabeth Warren in sponsoring legislation that sought to strengthen anti-money laundering requirements for the crypto industry, a proposal that faced resistance from many digital asset companies.
Sen. Cynthia Lummis, one of Congress' strongest advocates for cryptocurrency legislation, echoed Trump's call for swift action. Writing on X, she described Graham as a close friend who believed the United States should remain a global leader in technological innovation, including digital assets.
The White House also reinforced the administration's position through its top cryptocurrency adviser, Patrick Witt, who argued that lawmakers have already spent considerable time developing the legislation and should avoid additional delays.
Despite growing momentum, negotiations continue over one of the bill's most contentious issues: ethics rules governing public officials' involvement in cryptocurrency investments and businesses.
Lawmakers from both parties have spent months discussing whether the legislation should restrict presidents, vice presidents, members of Congress and other senior government officials from financially benefiting from digital asset ventures while serving in office.
According to a source familiar with the negotiations, the latest draft of the Clarity Act does not contain those ethics provisions, a decision that has drawn criticism from several Democrats.
Last week, Sen. Chris Murphy organized a briefing for Democratic Senate staff focused on potential conflicts of interest. The session, moderated by Transparency International U.S., featured anti-corruption advocates who argued that the legislation should explicitly prevent senior government officials and their immediate family members from profiting through cryptocurrency businesses.
Sen. Elizabeth Warren has emerged as one of the strongest critics of the current proposal. In a letter addressed to Senate Majority Leader John Thune and Minority Leader Chuck Schumer, Warren argued that the legislation still contains major shortcomings if it fails to include stricter ethics safeguards.
She said any final version of the bill should prohibit the president, vice president, members of Congress, senior administration officials and their families from earning profits tied to the cryptocurrency sector while holding public office. Warren warned that excluding those restrictions would create conflicts of interest and undermine public trust.
As lawmakers race against the legislative calendar, the Clarity Act remains one of the most significant crypto bills under consideration. If approved, it would establish long-awaited federal oversight for the cryptocurrency industry while shaping how digital assets are regulated in the United States for years to come. The ongoing dispute over ethics provisions, however, could determine whether lawmakers can reach the bipartisan agreement needed to send the legislation to the president's desk.