US President Donald Trump wants lawmakers to pass crypto market structure legislation in honor of the late Senator Lindsey Graham, who died unexpectedly on Saturday.
Trump went to Truth Social on Monday morning to get votes for the Clarity Act.
“In honor of Senator Lindsey Graham, a strong supporter, the US Senate should pass the Clarity Act. China, and many other countries, are eager to take full and total control of this major financial ‘event’, as well as AI, where we are now leading the way, but where they are fighting hard. Don’t let China win on either issue!!!”
The milestone crypto account would place digital assets largely under the regulatory purview of the Commodity Futures Trading Commission (CFTC), an agency that stakeholders say is friendlier to the industry than the Securities and Exchange Commission (SEC).
The potential legislation has faced opposition from traditional financial giants and banking associations, which have argued that the bill could jeopardize financial stability and cause bank deposits to lose ground to stablecoins.
In June, JPMorgan Chase CEO Jamie Dimon said the potential legislation lacked sufficient guardrails to protect investors and did not take into account the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) law that aims to combat illegal financial transactions.
“It effectively allows them to pay interest on deposits (stablecoins or the like) without the protections they should have, and it does nothing for AML/BSA. It provides virtually no legal protection.”
As the banking industry’s opposition to the bill grew stronger, Polymarket gamblers took up the position to trust in the Clarity Act, the odds of getting passed this year have shrunk, with the odds falling from a high of 82% in February to 40% at the time of writing.
Some regulators have expressed the opposite view, with CFTC Chairman Michael Selig recently calling on senators to pass the legislation, emphasizing the need for a federal framework and regulatory guardrails for crypto assets.
“It’s absolutely critical that we have federal standards for crypto assets. And right now, we’ve had to deal with a patchwork of state laws and regulations, and it’s been really bad for business here in the United States. We want to get this done so that we have certainty and clarity, and consumer protection should be a bipartisan issue. We need to see this across the board.”
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