Trump’s Crypto Capital Push Advances as CLARITY Act Nears Senate Markup

President Donald Trump’s bid to position the United States as the global leader in cryptocurrency is picking up steam with the CLARITY Act nearing a Senate markup. The bill, which aims to establish a regulatory framework for cryptocurrency, previously garnered bipartisan support in the House but stalled in the Senate amid concerns about how it handles stablecoin yields.

Zach Witkoff, CEO of World Liberty Financial and son of Trump special envoy Steve Witkoff, appeared on Fox Business to praise the president’s crypto agenda. “We obviously fully support the president’s agenda to make America the crypto capital of the world,” Witkoff said, pushing back against worries from traditional banks about stablecoins causing deposit flight. Instead, he claimed some banks have seen deposit growth by embracing crypto firms.

South Carolina Senator Tim Scott has indicated plans to hold a markup of the CLARITY Act soon, with hopes to bring it to the Senate floor by mid-summer. Scott touted the bill as a way for “the average person in the country” to keep more of their money, framing it as a democratization of yield through a “digital dollar.”

But this push comes amid troubling conflicts of interest. The Trump family’s crypto venture, World Liberty Financial, has been accused of pay-to-play schemes, selling political access and favors through token sales. Critics warn that Trump’s crypto ambitions could be a new avenue for unregulated financial enrichment and foreign influence, as flagged by a Washington Post columnist suggesting Trump might use his crypto token to accept foreign bribes.

As the CLARITY Act moves forward, it’s crucial to scrutinize who benefits from the rush to make America the “crypto capital.” The promise of innovation and financial inclusion cannot come at the cost of transparency, accountability, and democratic integrity — especially when the administration pushing these changes stands to profit personally.

We will keep tracking developments on this story, highlighting the intersection of crypto regulation, Trump family financial interests, and the broader fight for government accountability.