Trump calls for passage of Clarity Act to regulate cryptocurrencies in honour of Senator Lindsey Graham
Washington DC, July 13
US President Donald Trump has called for the passage of the Clarity Act arguing that the legislation is critical to maintain America's leadership in artificial intelligence and digital assets like cryptocurrencies.
Trump, who himself made more than a billion dollars in cryptos last year according to the latest financial disclosures, has urged the Senate to pass the act in honour of Senator Lindsey Graham, who passed away at the age of 71 on Saturday and whom Trump described as a "big supporter" in the Truth Social post.
"In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act," Trump wrote.
Trump's social media post raised the concern that China and several other countries could take control of the crypto as well as the AI race, where he claimed that America is leading.
"China, and many other countries, would like to take complete and total control of this major financial 'happening,' as well as A.I., where we are now leading, but where they are fighting hard. Don't let China win on either subject!!!" Trump added.
The Clarity Act was approved by the US Senate Banking Committee in May with a 15-9 vote. The House passed the bill last year.
The Act seeks to regulate cryptocurrencies by establishing a framework for digital assets and has the backing of the crypto industry and the White House.
However, the banks have opposed the bill saying that it could divert capital towards cryptos and starve the traditional lending industry, according to CNBC.
Trump's post comes in the wake of a bitter fight over artificial intelligence and other emerging technologies between China and the US. The US has barred exports of critical technologies that China could use to further its AI ambitions.
The crypto industry is of the view that regulation will promote innovation and investment in the blockchain technology. The Democrats have asked for the bill to have more teeth in terms of greater oversight of elected officials.
— ANI
Reader Comments
Banks opposing it? That's rich! 🙄 They're scared of losing their monopoly on lending. We in India have seen how UPI disrupted payments - similar thing could happen with crypto lending. Good that Trump is pushing for clarity, though I wonder if this is more about his own crypto investments than Lindsey Graham's legacy.
As someone who's been following crypto for years, this is actually smart policy. Clear rules mean less FUD in the market. But why name it after Lindsey Graham? Feels like political theater. Meanwhile, our Indian government is still sitting on the fence with crypto. We need similar clarity here too!
"Don't let China win" - classic Trump line. But the reality is that crypto is decentralized by design. No single country can control it completely. The US, China, India - we're all just passengers on this blockchain train. Better to focus on innovation rather than geopolitical rivalry.
The Democrats want more oversight? Good! Crypto has been the Wild West for too long. Remember FTX? Remember all those scams? We've seen similar issues in India with various crypto schemes. Regulation with teeth is exactly what this space needs. But I hope they don't over-regulate and kill innovation.
Wait, Trump made a billion dollars from crypto while pushing for regulation? 🧐 That's like the fox guarding the henhouse! But credit where due - at least America is having this conversation. In India, our crypto tax is 30% plus 1% TDS. That's not regulation, that's punishment. We need a balanced approach like what this Clarity Act seems
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.