President Donald Trump has called on the Senate to pass the Digital Asset Market Clarity Act, a significant piece of legislation aimed at bringing regulatory certainty to the cryptocurrency industry in the United States.
In a post on Truth Social, Trump described blockchain-based finance and tokenization as a major financial transformation and warned that countries such as China are working aggressively to dominate the sector.
He argued that clear regulations for the digital asset industry would help ensure the United States remains at the forefront of innovation rather than allowing competitors to gain the upper hand
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He wrote,
“In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act. China, and many other countries, would like to take complete and total control of this major financial ‘happening,’ as well as A.I., where we are now leading, but where they are fighting hard. Don’t let China win on either subject!!!”
Trump’s comments come after earlier this month, data from Polymarket showed the probability of the Crypto Clarity Act passage in 2026 dropping sharply to 39%, down 3 percentage points in a short period.
This decline reflects growing pessimism about the bill clearing the Senate, where it needed 60 votes to overcome procedural hurdles.
Notably, JPMorgan CEO Jamie Dimon publicly criticized the Crypto Clarity Act, arguing that mainstream banks are unlikely to embrace the legislation in its current form.
During an interview on Fox Business, when asked if he was happy with the current direction of the bill, he said, “No.” He argued that the legislation would allow crypto firms to offer interest or yield on stablecoins and deposits without the same regulatory safeguards required of traditional banks.
“The banks will not accept it that way,” he added, criticizing what he sees as insufficient provisions on anti-money laundering (AML), Bank Secrecy Act (BSA), and customer protections, calling the approach regulatory arbitrage that gives crypto platforms an unfair edge.
What is the U.S. CLARITY Act and Why it Matters
The U.S. CLARITY Act is a proposed piece of legislation aimed at establishing a comprehensive regulatory framework for digital assets and cryptocurrencies.
The bill seeks to provide long-awaited legal certainty by clearly defining which crypto assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which should be regulated by the Commodity Futures Trading Commission (CFTC).
The bill, known as the CLARITY Act or H.R. 3633, passed the House of Representatives in July 2025 with strong bipartisan support. It advanced through the Senate Banking Committee in May 2026 by a 15-9 vote that included backing from two Democrats.
Proponents argue that the legislation is essential for establishing clear rules that will allow the U.S. to maintain its competitive edge in digital assets while protecting consumers and preventing regulatory overlap.
At its core, the Clarity Act would divide oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Digital assets that function like securities would fall under SEC jurisdiction, while decentralized digital commodities would be regulated by the CFTC.
The bill also includes provisions for custody rules, anti-money laundering measures for exchanges, and other safeguards designed to foster innovation without stifling growth.
Supporters, including Senator Cynthia Lummis, have warned that failure to pass the bill could result in lost jobs, reduced tax revenue, and a shift of crypto activity overseas.
Also, Chair of the Commodity Futures Trading Commission (CFTC) Mike Selig in May this year, hailed the Senate Banking Committee’s advancement of the Digital Asset Market Clarity Act as a major step toward making the United States the crypto capital of the world.
With President Trump’s public endorsement, it adds considerable political weight to the push for a floor vote before the Senate’s August recess, emphasizing the need for America to lead in blockchain and cryptocurrency development.
Negotiators are reportedly working to address remaining hurdles, with the bill needing 60 votes to overcome a potential filibuster.
The development comes amid growing mainstream adoption of cryptocurrencies and increasing pressure from industry leaders for predictable regulation.
Outlook
The passage of the Clarity Act would mark a major milestone in U.S. crypto policy, potentially unlocking further institutional investment and technological advancement while setting a global standard for balanced oversight.