- Trump says delaying crypto legislation could weaken the U.S. in the global race.
- China remains a key focus as Trump pushes for stronger U.S. leadership in crypto.
- Senate negotiations continue, leaving the CLARITY Act’s future up in the air.
President Donald Trump called on the United States to maintain its lead in digital assets as Senate negotiations over the CLARITY Act remained deadlocked. Speaking to Punchbowl News, Trump warned that delaying crypto legislation could allow rival nations to gain an advantage in the digital asset industry.
Trump singled out China as the biggest competitor, saying, “We don’t want to see China take over crypto.” He said several countries are competing for leadership in digital assets and argued the U.S. should stay ahead. Trump also compared the industry’s strategic importance to artificial intelligence, describing both as key technologies for the country’s future.
Trump Rejects Ethics Criticism
Trump also rejected criticism over ethics proposals related to his family’s crypto businesses. He said he would be willing to place his business interests in a blind trust if necessary, adding, “Well, I don’t mind putting it in a blind trust.”
Related: Michael Saylor Says Bitcoin Doesn’t Need CLARITY Act As the Bill Stalls
Trump said his children manage the family’s businesses and that he does not discuss government matters with them.
CLARITY Act Faces Uncertainty
Lawmakers are still negotiating ethics rules, illicit finance provisions and other unresolved parts of the bill. Senate Banking Committee Chairman Tim Scott urged senators to hold a procedural vote before Congress breaks for recess.
Senate Majority Leader John Thune has scheduled a budget vote but has not filed for cloture, leaving the timeline for the CLARITY Act uncertain.
Related: CLARITY Act Faces Senate Delays as September Becomes Key Window
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