Trump urges Congress to pass a fair version of the Clarity Act

Comparatively, US President Trump said during a meeting with crypto industry and financial institution executives at the White House that he urged Congress to pass a fair version of the “Clarity Act” (Crypto Market Structure Act) to establish a more clear regulatory framework for digital assets.

Trump said the bill would help the US maintain its leading position in the cryptocurrency sector and open up space for the next round of innovation and entrepreneurship. He said the US needs clear regulatory rules to prevent crypto companies from moving overseas due to policy uncertainty.

The conference included several crypto and finance company executives including Coinbase, Ripple, Robinhood, Kraken, Chainlink, and Gemini, as well as SEC Chairman Paul Atkins, CFTC Chairman Michael Selig, and White House crypto advisor Patrick Witt.

The Clarity Act aims to clarify the powers of the SEC and CFTC in digital asset regulation and establish a federal-level crypto market regulation system. The bill is expected to be re-submitted to the Senate for consideration in September. Currently, the Republican Party still needs to seek the support of about 6 Democratic lawmakers to reach the 60-vote threshold.

Additionally, Trump emphasized that his administration has promoted strategic Bitcoin reserves, a digital asset reserve plan, a ban on the Bank of America digital currency (CBDC), and crypto-related policies such as the Clarity Act.

Earlier, the US SEC has proposed new crypto asset issuance rules, and plans to provide regulatory exemptions for some token offerings and lower the funding threshold for eligible crypto projects.