Trump Pushes Senate to Pass Crypto Bill Amid Ethics Debate and Tribute to Late Senator

Lawmakers in Washington are making a fresh effort to move forward with major crypto legislation as Congress returns from its Fourth of July break. Only a few weeks remain to pass several pending bills, including the Clarity Act, which would create the first federal regulatory framework for the crypto industry. The House already approved its version of the bill last year, and key Senate committees have advanced their own versions in recent months, with updated bill text expected to be released this week.

Trump Frames Push as Tribute to Late Senator

President Trump called for the Senate to pass the bill in honor of Sen. Lindsey Graham, who died unexpectedly over the weekend. In a social media post, Trump argued that failing to act would allow other countries, particularly China, to gain ground in both crypto and artificial intelligence. Sen. Cynthia Lummis, a longtime supporter of crypto legislation, echoed Trump’s message, describing Graham as a friend who cared deeply about maintaining American leadership in digital assets.

The White House’s crypto adviser, Patrick Witt, also urged swift action, saying further delay was no longer acceptable given the work already invested in the bill.

Graham’s Limited but Notable Role in Crypto Policy

While Graham was not considered a central figure in shaping crypto legislation, he supported stablecoin rules and backed efforts to repeal an IRS reporting requirement affecting digital asset transactions. He had also previously worked with Sen. Elizabeth Warren on a proposal to strengthen anti-money laundering rules for the industry, a measure that faced pushback from crypto companies at the time.

Ethics Provision Remains a Sticking Point

A major obstacle to passing the bill continues to be disagreement over ethics rules limiting how government officials can profit from crypto ventures while in office. According to a source familiar with the discussions, the current version of the bill does not include such a provision. Advocacy groups have pushed for language preventing the president, senior officials and their families from benefiting financially from crypto projects. Sen. Warren raised concerns in a letter to Senate leadership, arguing that omitting such protections would amount to an unfair advantage for those already in power.