Washington: (Right Now News) U.S. President Donald Trump has urged the Senate to approve the Clarity Act concerning cryptocurrency. He emphasized the importance of preventing China from gaining an edge in this field.

Trump released a statement on Truth Social, stating that the bill should be passed in honor of the late Senator Lindsey Graham. He mentioned that China and other countries are attempting to dominate this crucial financial sector.

Trump further stated that China should not be allowed to lead in artificial intelligence either. He noted that they are fiercely competing in this area, where the U.S. currently leads.

It is worth noting that Republican Senator Lindsey Graham recently passed away, reducing the Republican majority in the Senate. This could make the approval of the Clarity Act more challenging.

The Clarity Act aims to bring the cryptocurrency sector under legal regulations. It has support from both the crypto industry and the White House, but faces obstacles in the Senate.