Trump urges passage of the CLARITY Act

U.S. President Donald Trump has urged the passage of the CLARITY Act. Posting on Truth Social, he stressed that the U.S. must not allow China to win in the fields of AI and cryptocurrency, stating that many nations, including China, are trying to dominate this "momentous financial revolution." An amended version of the bill, which integrates separate proposals from the Senate Banking and Agriculture Committees, is slated for release. This is expected to shed light on the progress of negotiations and key points of contention. The CLARITY Act passed the Senate Banking Committee in May and now awaits a full Senate vote and reconciliation with the House. Industry observers view the ethics provisions, aimed at preventing conflicts of interest related to the Trump family's cryptocurrency ventures, as a central element of the legislation. The final deadline for its passage is considered to be before Congress's August recess.