Trump’s Push to Make the U.S. the “Crypto Capital of the World” Gains Momentum as CLARITY Act Nears Senate Markup
By Taylor Penley, FOX Business — May 6, 2026
Efforts to establish the United States as a global leader in cryptocurrency and digital finance are gaining traction in Washington, fueled by President Donald Trump’s agenda and bipartisan support for comprehensive crypto legislation. At the center of this momentum is the CLARITY Act, a bill designed to create a clear regulatory framework for the cryptocurrency industry.
Background on the CLARITY Act
The CLARITY Act has previously garnered bipartisan support in the House of Representatives but faced delays in the Senate, mainly due to concerns surrounding the regulation of stablecoin yields. Stablecoins—cryptocurrencies pegged to traditional assets like the U.S. dollar—have experienced significant growth, sparking debate over how regulators should treat their yield offerings.
However, recent developments indicate renewed energy for advancing the bill. Senator Thom Tillis (R-N.C.) has signaled that the legislation could soon proceed to the Senate markup phase. South Carolina Senator Tim Scott has similarly expressed hopes to push the bill to the Senate floor by mid-2026, with markup hearings anticipated this month.
Trump and Supporters Backing the Legislation
Zach Witkoff, CEO of World Liberty Financial and son of Trump’s special envoy Steve Witkoff, spoke with FOX Business about the importance of the CLARITY Act. “We obviously fully support the president’s agenda to make America the crypto capital of the world,” Witkoff emphasized during the “Mornings with Maria” program.
Witkoff noted that while the measure’s final passage is not guaranteed, ongoing negotiations include many stakeholders from industry and government to ensure balanced regulation. He pushed back against concerns that the expansion of stablecoins and crypto incentives may prompt mass deposit withdrawals from traditional banks. According to Witkoff, “You haven’t seen it [deposit flight] at all over the past year, even with stablecoins growing.”
He added that some banks, like Customers Bank, which initially operated on a much smaller scale, have experienced deposit growth after expanding services to crypto firms. “I think there’s a lot of opportunity here for banks that get in early and embrace crypto and stablecoins,” he concluded.
Democratizing Finance and Promoting Innovation
Senator Scott highlighted the bill’s potential to benefit regular Americans by putting “more of their money in their pocket” and positioning the U.S. as a leading digital finance hub. The CLARITY Act aims to foster innovation while providing clear oversight, a crucial step to encourage mainstream adoption of cryptocurrencies, including the development of a digital dollar.
The legislation’s focus extends beyond just stablecoins. It addresses the broader need for regulatory clarity across the cryptocurrency sector, which has grown rapidly but often lacked consistent rules. The bill seeks to strike a balance between nurturing innovation and protecting consumers and the financial system.
Broader Industry and Political Context
President Trump has also appointed David Sacks as the White House’s czar for AI and cryptocurrency, underscoring the administration’s commitment to advancing emerging technologies. The drive to establish the U.S. as a preeminent crypto center is part of a wider digital finance strategy, including forming partnerships with financial institutions willing to integrate digital assets.
Despite some skepticism from traditional banks and regulators, proponents argue that embracing the crypto economy represents a critical opportunity to maintain America’s competitive edge in global finance.
Looking Ahead
As the Senate prepares to consider the CLARITY Act in markup sessions, industry watchers and lawmakers alike remain cautiously optimistic. The outcome could significantly impact the trajectory of U.S. cryptocurrency regulation and the country’s standing in the evolving digital economy.
For now, the growing coalition behind the bill reflects a shared desire to modernize the financial system, support innovation, and position the United States as the undisputed leader in crypto technology.
Related Coverage
- Kevin O’Leary on Crypto Strategy Amid Industry Shakeouts
- Senator Tim Scott’s Vision for American Crypto Leadership
- The Role of Stablecoins in Future Digital Finance
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