Trump Invokes Graham’s Death to Press Senate on Crypto Bill

The U.S. Senate is considering the CLARITY Act, a digital asset market structure bill that would define the regulatory framework for cryptocurrencies and is viewed as the culmination of years of industry lobbying. President Donald Trump’s family is deeply involved in crypto ventures, including World Liberty Financial and the $TRUMP memecoin. Democratic lawmakers question whether Trump’s substantial crypto earnings could influence the direction of the legislation, making presidential conflicts of interest the biggest political issue ahead of the vote.

Five Democratic senators jointly called on relevant Senate committees to hold hearings into the national security and conflict-of-interest risks surrounding Trump’s crypto holdings. Senator Elizabeth Warren said the Trump family had made about $1.2 billion from crypto ventures and pushed an ethics amendment that would prohibit federal officials from using digital assets for private gain. The amendment has brought bipartisan negotiations over the CLARITY Act to a standstill, while some Democratic senators have publicly opposed the measure and called it a “corrupt” bill.

The U.S. Congress is pursuing crypto-asset market-structure legislation, including the CLARITY Act, to clarify the division of regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill is still awaiting Senate consideration. If the legislative agenda becomes entangled in political disputes, the regulatory framework long sought by the industry could be delayed.

Trump recently refused to sign a housing bill containing a ban on central bank digital currencies and demanded that Congress first pass the SAVE Act, which would strengthen voter identity checks. He also threatened to veto other legislation until then. Analysts warned that if the CLARITY Act does not pass before April, its chances of becoming law within the year will fall sharply.

The US Congress is considering the CLARITY Act, which seeks to clarify regulatory responsibilities for digital assets and trading platforms and reduce legal uncertainty for crypto companies. Senator Cynthia Lummis says clear rules are critical to bringing businesses back to the United States and preserving the country’s leadership in financial technology.

Lummis warned that this week could be the United States’ last critical opportunity to advance the CLARITY Act before 2030. She said China could otherwise write the rules for a new financial era. Negotiations have continued since the Senate returned, but Democrats and Republicans remain divided over provisions covering lawmakers’ ethics and safeguards against bad actors. A vote on crypto market structure could take place as early as August.

The CLARITY Act seeks to establish a US crypto-asset market structure framework and clarify the division of regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. If the bill reaches the full Senate, it would typically need at least 60 votes to advance, making bipartisan cooperation critical to its prospects of becoming federal law. Current polling shows that most voters support clear cryptocurrency rules.

Coinbase Vice President of Policy Kara Calvert said at Consensus 2026 that the Senate Banking Committee could take up the bill as early as the following week. The committee subsequently scheduled a markup for May 14 and voted to advance the CLARITY Act. The bill must still clear a full Senate vote, while lawmakers' dispute over crypto-asset ethics rules for government officials could affect the final timetable and bipartisan support.