US President Donald Trump called on the Senate to approve the CLARITY cryptocurrency regulation bill in honor of the late South Carolina Republican Senator Lindsey Graham.

Trump posted a call to lawmakers on his social media account, Truth Social, pledging that the bill would help the United States maintain its leadership in the crypto industry and prevent China from gaining ground.

Wyoming Republican Senator Cynthia Lummis, one of the most vocal supporters of the CLARITY bill, echoed Trump's call. Graham voted for the GENIUS stablecoin regulation bill, which was signed into law last year.

"Senator Graham was a good friend of mine and passionate about ensuring the United States remains a leader in everything, including digital assets. "Let's pass the CLARITY Act and send it to President Trump for his signature," Lummis wrote on social media.

CLARITY delineates the authority to regulate the crypto market between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The bill also legalizes the payment of returns to stablecoin holders.

Senator Elizabeth Warren (D-Massachusetts) has been the most frequent public critic of the CLARITY Act. She believes the bill favors the Trump family's cryptocurrency business. Warren called on the Senate to include provisions prohibiting the president, his administration, senior officials, and their families from profiting from crypto projects.

Warren opposed issuing a banking license to Donald Trump's family crypto platform, World Liberty Financial. Last year, the Democrat accused Trump of using the law to enrich himself personally through cryptocurrencies.

Trump urged members of Congress to pass legislation regulating cryptocurrencies.