Trump Pushes Congress on Crypto Bill as White House Convenes Industry Leaders
Trump urged lawmakers to pass a 'fair version' of the Clarity Act during a White House meeting with major crypto executives, framing market structure legislation as essential to U.S. competitiveness.
Trump Calls for Swift Passage of Clarity Act
President Donald Trump convened crypto and financial sector leaders at the White House on Wednesday, making a direct appeal to Congress to advance the Clarity Act—a sweeping bill designed to establish federal oversight of digital assets and clarify regulatory jurisdiction between agencies. During the meeting, Trump stressed that passing a “fair version” of the legislation is critical to preserving American competitiveness in crypto markets and preventing businesses from relocating overseas in search of more favorable regulatory environments.
Trump emphasized that the Clarity Act represents powerful regulatory structure that will maintain U.S. dominance over rival nations, particularly China. He framed the law as a gateway to the next generation of innovation and entrepreneurs in the digital asset space, positioning market structure legislation as the next essential step in his administration’s broader digital asset policy agenda.
Major Crypto Leaders Support Regulatory Framework
The gathering brought together prominent figures from both crypto and traditional finance sectors, including Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Robinhood CEO Vlad Tenev, and executives from Kraken, Nasdaq, and the Intercontinental Exchange. Other attendees included representatives from Chainlink, Blockchain.com, Gemini, and venture capital firm Andreessen Horowitz. Federal regulators also participated, with CFTC Chair Michael Selig, SEC Chair Paul Atkins, and White House crypto advisor Patrick Witt joining the president.
Trump used the occasion to highlight his administration’s commitment to clear regulatory guidelines that enable crypto companies to thrive domestically rather than operate from overseas locations. He emphasized that this approach aims to keep financial technology development and market innovation anchored in the United States. Trump also contrasted this with what he characterized as the previous administration’s approach, which he accused of using regulation and enforcement as tools to drive businesses out of the country—a reference to Operation Chokepoint 2.0.
Clarity Act Set for September Vote
The Clarity Act is scheduled to return to the Senate floor in September following lawmakers’ August recess, during which no procedural vote was held. The legislation seeks to clarify regulatory authority between the SEC and CFTC over different aspects of crypto markets, establishing a comprehensive federal framework for digital assets. Republican supporters must secure approximately six Democratic votes to reach the 60-vote threshold required for passage.
Trump also noted that his administration is working with regulators to bring crypto platforms like Hyperliquid into the U.S. market under a compliant regulatory framework. He reiterated his administration’s commitment to maintaining a strategic Bitcoin reserve and managing digital asset holdings, signaling continuity in support for crypto adoption at the federal level.
Clear federal regulation of digital assets could unlock institutional investment and innovation in the U.S., benefiting crypto companies and strengthening America’s position in global financial markets.
Source: Decrypt. Not financial advice.