Donald Trump invokes senators' deaths to push crypto bill
Donald Trump invokes senators' deaths and hospitalizations to urge the U.S. Senate to pass the Digital Asset Market Clarity (CLARITY) Act, framing the crypto market-structure bill as a tribute to the late Lindsey Graham while a narrowed 51-47 Republican majority raises the bar for bipartisan support. The push lands as Bitcoin trades near $62,000 amid a broader risk-asset selloff.
Key Takeaways
- Trump called on the Senate to pass the CLARITY Act on Truth Social on Monday, citing Graham as a supporter of the legislation.
- Graham died at 71 on Saturday and did not vote on or publicly champion the CLARITY Act, though he backed the GENIUS stablecoin bill in 2025.
- With Mitch McConnell hospitalized, Republicans hold a slim 51-47 edge and likely need Democratic votes to clear a 60-vote filibuster threshold.
- Democrats have demanded ethics provisions addressing conflicts of interest, including Trump's crypto ties, before backing the bill.
- Bitcoin hovered near $62,000 as stocks fell and Trump said the U.S. would run the Strait of Hormuz after Iran closed the route.
Why is Trump linking Graham's death to the CLARITY Act?
President Donald Trump posted on Truth Social on Monday that the Senate should pass the CLARITY Act in honor of Senator Lindsey Graham, who he described as a big supporter of the legislation. Graham, a South Carolina Republican who served in the Senate since 2003, died over the weekend at age 71.
The appeal comes as lawmakers face a narrow window: the chamber has roughly four weeks in session before an August state work period, leaving limited time to advance the crypto market-structure bill. Senator Cynthia Lummis backed Trump's comment on X, saying Graham was passionate about keeping American leadership at the forefront of digital assets.
Did Lindsey Graham actually support the CLARITY Act?
Records cited by Cointelegraph show Graham did not serve on the banking or agriculture committees in the current Congress and did not cast any vote advancing the CLARITY Act. He voted in favor of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in 2025, but did not appear to have made public statements directly supporting CLARITY.
That gap has not slowed the White House push. The bill would shift much of digital-asset enforcement from the Securities and Exchange Commission to the Commodity Futures Trading Commission, a restructuring the crypto industry and administration have backed.
Can the Senate pass the bill with its thinner majority?
Graham's death and Senator Mitch McConnell's hospitalization have reduced the Republican majority to 51-47, likely requiring more Democratic support to reach the 60 votes needed to overcome a filibuster. Many Senate Democrats have signaled they will not back the legislation without provisions addressing potential conflicts of interest between lawmakers and the crypto industry.
Some Democrats have pointed to Trump's ties to projects including his memecoin and his family's World Liberty Financial company. Cointelegraph said it sought comment from the offices of Senators Tim Scott, Kirsten Gillibrand and Angela Alsobrooks but did not receive an immediate response.
For ongoing coverage of U.S. crypto policy and market moves, see our Fintech & Crypto Alerts section. The primary reporting is available via Cointelegraph.
How is the news affecting Bitcoin and risk assets?
Regulatory uncertainty is colliding with geopolitical stress. Bitcoin traded near $62,000 on Monday as U.S. stocks opened lower, with the Nasdaq Composite down about 1%. Speaking to Fox, Trump said the U.S. would take over the Strait of Hormuz, a key oil route Iran closed over the weekend, adding that America would probably run it and should be reimbursed.
Traders described heavy short positioning into the pre-New York open drop, with analysts warning that failure to hold key support could pull BTC toward $60,000. Oil prices stayed elevated, with WTI crude circling $75 per barrel, adding pressure to a risk-asset rout that has kept crypto bulls on the defensive.