Trump Pushes Senate to Pass Major Crypto Law: The Clarity Act

President Donald Trump and top U.S. officials are pushing hard for Congress to pass a major crypto law called the Clarity Act. If passed, it would be the first time the United States creates federal (nationwide) rules for the cryptocurrency industry.

What is the Clarity Act? Think of cryptocurrency (digital money like Bitcoin that isn't controlled by any government) as an industry that has grown fast but still doesn't have clear rules. The Clarity Act aims to fix that by setting official guidelines for how crypto companies must operate in the U.S.

Where things stand right now:

• The House of Representatives (one of the two parts of Congress) already passed its version of the bill last year.
• Key Senate (the other part of Congress) committees have passed their versions over recent months.
• New wording of the bill is expected this week, with a possible full Senate vote soon after.
• Congress only has a few weeks to get this done before running out of time.

Why the sudden push? On Monday, Trump asked the Senate to pass the bill as a tribute to Senator Lindsey Graham, who died unexpectedly over the weekend. In a social media post, Trump warned that China and other countries want to dominate both crypto and artificial intelligence (A.I.), and he urged lawmakers: "Don't let China win on either subject!!!"

Graham wasn't a main crypto negotiator, but he had supported a few important measures — including a law about stablecoins (crypto coins designed to always be worth $1, backed by real money) and a move to cancel a strict crypto tax-reporting rule.

The bottom line: The U.S. is close to creating its first real rulebook for crypto. Trump and his team are treating it as urgent — both to give the industry clear rules and to keep America ahead of global competitors. The next few weeks will be crucial to see if the bill becomes law.

This is an AI-generated summary. Read the original article at: https://www.theblock.co/post/408054/trump-white-house-press-senate-advance-clarity-act-ethics-fight-looms?utm_source=rss&utm_medium=rss