US President Donald Trump called on Senate members to adopt the CLARITY law, which aims to regulate the digital asset market, in memory of Senator Lindsey Graham, who passed away over the weekend. Trump said in his post on his Truth Social account that Graham was one of the strong supporters of this regulation.
Tight time slot in the Senate calendar
The Senate has a legislative calendar of about four weeks before the month-long state session in August. For this reason, it can be expected that the regulation regarding the structure of the cryptocurrency market will be put on the agenda and voted on in a short time. Lindsey Graham passed away on Saturday at the age of 71.
Graham had represented South Carolina in the Senate since 2003. He did not serve on the banking or agriculture committees during the current legislative session and was not involved in votes advancing the CLARITY bill. The senator voted in favor of the GENIUS act for stablecoins in 2025, but there is no clear public statement of support for CLARITY.
Donald Trump called on the Senate to pass the bill, arguing that Lindsey Graham is one of the big supporters of the CLARITY act.
Balance of authority may shift from SEC to CFTC
The CLARITY act could shift a significant portion of authority over the supervision and enforcement of digital assets from the U.S. Securities and Exchange Commission to the SEC-affiliated body and to the Commodity Futures Trading Commission CFTC. The SEC is known as the primary agency that oversees the US capital markets; The CFTC carries out oversight duties in commodity and derivative markets.
Mini glossary: CFTC is the federal agency that oversees commodity and futures markets in the United States. If the CLARITY bill is passed, the CFTC’s role in custody of some digital assets could expand.
On the other hand, many Democrats in the Senate are unwilling to support the bill without adding provisions that would limit the risk of conflicts of interest. Some senators want this topic to be addressed separately due to Trump’s meme coin initiative and World Liberty Financial, which is linked to his family.
| Title | Situation |
|---|---|
| Senate majority | Republicans 51, Democrats 47 |
| Threshold required for law | 60 votes |
| pre-august calendar | 4 week session |
Democratic support gained importance for the vote
Following Graham’s death and Senator Mitch McConnell’s hospitalization, Republicans’ actual majority in the Senate fell to 51-47. This makes additional Democratic support more critical for the CLARITY Act to pass the 60-vote threshold.
Wyoming Senator Cynthia Lummis also supported Trump’s statement. Lummis states that Graham attaches importance to US leadership remaining at the forefront in all areas, including digital assets.
Cynthia Lummis emphasizes that Lindsey Graham is a name that is keen for the USA to maintain its leadership in digital assets.
The offices of Tim Scott, Kirsten Gillibrand and Angela Alsobrooks did not immediately respond to Trump’s statements.
