Trump pushes CLARITY Act with 51-47 Senate majority after Graham death

President Donald Trump urged the Senate to pass the Digital Asset Market Clarity Act in honor of Senator Lindsey Graham, who died July 11, narrowing the Republican majority to 51-47.

"Graham was a big supporter of the bill, and the Senate should pass it in his honor," Trump said in a July 13 Truth Social post, adding that China and other countries want to take control of AI and digital assets.

The CLARITY Act would shift digital asset oversight from the Securities and Exchange Commission to the Commodity Futures Trading Commission. The bill has passed the House and cleared the Senate Banking Committee but stalled over disputes on decentralized finance regulation and stablecoin yield bans. With Graham's death and Senator Mitch McConnell hospitalized, Republicans hold 51 seats to Democrats' 47, leaving the party short of the 60-vote threshold needed to advance most legislation.

Senate Democrats have said they will not support the bill without provisions addressing potential conflicts of interest between lawmakers and the crypto industry, citing Trump's ties to his memecoin and World Liberty Financial. A new draft of the CLARITY Act may be unveiled this week, according to sources cited by CoinDesk, as lawmakers face a four-week window before the August recess.

Democrats Demand Ethics Provisions

Senator Cynthia Lummis said she supported Trump's call, adding that Graham "was passionate about ensuring that American leadership stayed at the forefront of everything — including digital assets." However, Graham, who served in the Senate since 2003, did not serve on the banking or agriculture committees in the current session and cast no vote advancing the CLARITY Act. He voted for the GENIUS stablecoin act in 2025 but made no public statements directly supporting the market structure bill.

The political dynamics highlight the challenge ahead. With a reduced majority, Republican leaders must either win over at least nine Democrats or modify the bill to address ethics concerns. Senate Majority Leader Chuck Schumer and Banking Committee Chairman Tim Scott will be key figures in any negotiation, with observers watching for signs of a breakthrough on DeFi and stablecoin provisions.

Trump also used his post to recommend Graham's sister, Darline, as interim senator from South Carolina, a decision that rests with Governor Henry McMaster.

This article is for informational purposes only and does not constitute investment advice.