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US President Donald Trump has called for the passage of the Clarity Act arguing that the legislation is critical to maintain America's leadership in artificial intelligence and digital assets like cryptocurrencies.
Trump, who himself made more than a billion dollars in cryptos last year according to the latest financial disclosures, has urged the Senate to pass the act in honour of Senator Lindsey Graham, who passed away at the age of 71 on Saturday and whom Trump described as a "big supporter" in the Truth Social post. "In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act," Trump wrote. Trump's social media post raised the concern that China and several other countries could take control of the crypto as well as the AI race, where he claimed that America is leading. "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 added. The Clarity Act was approved by the US Senate Banking Committee in May with a 15-9 vote. The House passed the bill last year. The Act seeks to regulate cryptocurrencies by establishing a framework for digital assets and has the backing of the crypto industry and the White House. However, the banks have opposed the bill saying that it could divert capital towards cryptos and starve the traditional lending industry, according to CNBC. Trump's post comes in the wake of a bitter fight over artificial intelligence and other emerging technologies between China and the US. The US has barred exports of critical technologies that China could use to further its AI ambitions. The crypto industry is of the view that regulation will promote innovation and investment in the blockchain technology. The Democrats have asked for the bill to have more teeth in terms of greater oversight of elected officials. (ANI)
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