US President Donald Trump wants lawmakers to pass cryptocurrency market structure legislation in honor of the late Senator Lindsey Graham, who died unexpectedly on Saturday.
Trump Taken to social truth Monday morning to canvass for the Clarity Act.
“In honor of Senator Lindsey Graham, a big supporter, the US Senate should pass the Clarity Act. China, and many other countries, want complete and comprehensive control of this big financial ‘event’, as well as AI, where we are leading now, but where they are fighting hard. Don’t let China win on either issue!!!”
the Historical crypto bill It would place digital assets largely under the regulatory oversight of the Commodity Futures Trading Commission (CFTC), an agency that industry stakeholders believe is friendlier to the sector than the Securities and Exchange Commission (SEC).
The potential legislation has faced opposition from traditional financial giants and banking associations, which have done so Argue The bill could jeopardize financial stability and cause bank deposits to lose ground against stablecoins.
In June, Jamie Dimon, CEO of JPMorgan Chase He said The potential legislation lacked adequate guardrails to protect investors and failed to address the Bank Secrecy Act/Anti-Money Laundering Act (BSA/AML) that aims to combat illicit financial transactions.
“It allows them to effectively pay interest on deposits — stablecoins or something like that — without the protection they should have, and it doesn’t do anything for AML/BSA. It has almost no legal protection.”
As the banking sector’s opposition to the bill grew, those betting on Polymarket began to back away. trust The Clarity Act’s chances of passing this year have diminished, with its odds falling from 82% in February to 40% at the time of writing.
Some regulators have expressed the opposite opinion, with CFTC Chairman Michael Selig recently voicing the opposite opinion He calls Senators to pass the legislation, focusing on the need for a federal framework and legal guardrails for crypto assets.
“It’s very important that we have federal standards for crypto assets. Now we’ve been dealing 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 we have certainty and clarity, and consumer protection has to be a bipartisan issue. We have to get beyond it.”
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