President Donald Trump on Monday urged the Senate to pass the Digital Asset Market Clarity Act, tying the crypto market structure bill to the death of Senator Lindsey Graham, who died over the weekend, as Congress heads into a limited stretch before the August recess.
In a Truth Social post, Trump said Graham had been a major supporter of the legislation and framed passage as a contest with Beijing. “China, and many other countries, would like to take complete and total control of this major financial happening,” Trump wrote. He added: “Don’t let China win on either subject!!!”
Graham was not part of the bill talks
Graham, who had served in the Senate since 2003, was not among the negotiators on the Clarity Act. He was not on the Banking Committee or the Agriculture Committee in this session and did not cast a vote advancing the bill. The report noted that he backed the GENIUS Act stablecoin law last year.
His death cut the Republican Senate majority to 52-47. With Senator Mitch McConnell also hospitalized, Republicans have little room for any further absences.
The main barrier remains the 60-vote threshold
The bill’s central problem came before the weekend. Clearing a filibuster in the Senate requires 60 votes, and Democrats have refused to provide them unless the legislation includes conflict-of-interest language covering the president and his family. That demand followed Trump’s 2025 financial disclosure, which showed at least $1.4 billion in crypto income.
The Block reported Monday, citing a source familiar with the matter, that new bill text is expected this week but still carries no ethics provision.
Senator Elizabeth Warren said in a Monday letter to Senate leaders that the text has “significant flaws.” She pushed for language that would bar the president, vice president, senior officials, and their families from profiting from crypto.
House and committee votes are already on the books
The House passed its version in July last year by a 294-134 vote. In May, the Senate Banking Committee advanced the bill 15-9, but it has remained on the calendar since then.
Supporters echoed Trump’s push. White House crypto adviser Patrick Witt said lawmakers could not afford to delay any longer. Senator Cynthia Lummis wrote that Graham was passionate about keeping American leadership at the front of every field, including digital assets.
The Senate has about four weeks in session before the August break.