Trump calls for Congress to pass Clarity Act crypto bill to honor Graham
U.S. Senator Lindsey Graham (R-SC) gestures while standing next to former U.S. President Donald Trump during his campaign rally to unveil Donald Trump’s leadership team at the South Carolina Statehouse on January 28, 2023 in Columbia, South Carolina, USA.
Shannon Stapleton | Reuters
President Donald Trump said Monday he is urging the Senate to pass cryptocurrency legislation known as the Openness Act to honor the late Sen. Lindsey Graham, who died over the weekend at age 71.
“In honor of Senator Lindsey Graham, who was a great supporter, the U.S. Senate should pass the Openness Act,” Trump said. Real Social. “China and many other countries want to take full and complete control of this major financial ‘event’ as well as AI, which we are currently leading but are fighting hard for. Don’t let China win on both!!!”
The Openness Act is one of the first sweeping pieces of legislation to regulate cryptocurrencies and is supported by the crypto industry and the White House. Democrats have faced some hurdles in the Senate as they push to raise ethical guardrails for elected officials like Trump, who has made billions of dollars through digital currencies.
The Senate Banking Committee approved the bill May 15-9, with two Democrats joining Republicans to advance the legislation. Graham did not cast a vote because he did not serve on the Banking Committee.
Cryptocurrency players such as Coinbase, Circle and Ripple supported the Clarity Act, hoping that regulations in the industry would encourage investors.
But banks opposed the bill, warning that it could allow crypto groups to offer interest-like payments to stablecoin holders, leading to reduced bank deposits and a lack of capital for loans. Law enforcement and some labor groups also opposed the measure.
Graham’s death could make it harder for the measure to pass the Senate, as it would reduce the already slim Republican majority in the Senate to 52-47.
