Washington — The Trump administration is intensifying its push to advance major cryptocurrency legislation in the Senate, launching new tools and arguments aimed at overcoming resistance from banks and some Republican lawmakers ahead of a critical procedural vote.
Officials plan to roll out an interactive online tool on Tuesday that lets users “set the parameters, run the scenarios, and see for themselves” why the Council of Economic Advisers previously found “no meaningful relationship between stablecoin growth and community bank deposit flight,” according to CEA Chair Chris Phelan. The effort targets banking industry claims that the bill’s stablecoin provisions could drain deposits from traditional lenders.
The legislation
Known as the Clarity Act, the bill would create a clearer regulatory framework for digital assets by dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It requires at least 60 Senate votes to advance past a procedural hurdle.
Senate Republicans released a revised draft over the weekend that they described as their “last, best and final offer.” The update includes tougher ethics rules restricting federal officials, including the president, from issuing or sponsoring digital assets or holding significant financial interests in them while in office. The language allows state attorneys general to help enforce the restrictions — a concession the White House had previously resisted. It also adds measures giving the Treasury secretary authority to intervene if stablecoin growth is deemed detrimental to community banks.
Banking industry pushback
Banking groups said Monday that the latest changes still fall short of addressing their concerns over stablecoin rewards and potential competition for deposits. Several Republican senators, including John Cornyn of Texas, have signaled they may side with the banks and vote against advancing the measure.
Patrick Witt, executive director of the president’s Council of Advisers for Digital Assets, rejected the deposit-flight narrative, saying the CEA analysis shows the data do not support the claims pushed by bank lobbyists.
Broader context
The vote comes after months of negotiations. President Trump has publicly urged passage of the Clarity Act, framing it as essential to keeping the United States ahead in digital assets. The administration has already secured earlier wins on stablecoin regulation and has pressed Congress to deliver market-structure rules that provide legal clarity for the industry.
The Senate is expected to hold the procedural vote Tuesday afternoon. If the bill clears that threshold, further debate and potential amendments would follow before a final vote.