Summary
- During a meeting at the White House with crypto and finance leaders, President Donald Trump urged Congress to pass a "fair version" of the Clarity Act.
- He emphasized the need for clearer regulations to keep crypto firms operating in the U.S. instead of relocating abroad.
- Executives from major firms such as Coinbase, Ripple, and Kraken participated in the meeting.
At a White House meeting on Wednesday, President Donald Trump called for Congress to enact a "fair version" of the Clarity Act, asserting that this legislation is crucial for the future of the digital asset sector in the U.S.
His remarks came just before the first meeting of the Commodity Futures Trading Commission’s Innovation Advisory Committee scheduled for Thursday. Attendees included CFTC Chair Michael Selig, SEC Chair Paul Atkins, and the White House's crypto advisor Patrick Witt.
"Now we need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act," Trump stated. He described the legislation as a powerful framework that would help the U.S. maintain its competitive edge over China and foster innovation.
The Clarity Act aims to set comprehensive federal guidelines for digital assets and delineate the roles of the SEC and CFTC in regulating the industry. It is anticipated to be brought back to the Senate in September after lawmakers left for their August recess without a procedural vote. Republicans require approximately six Democratic votes to achieve the necessary 60-vote threshold.
Notable attendees of the meeting included Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Robinhood CEO Vlad Tenev, Nasdaq CEO Adena Friedman, and other prominent figures in the crypto and finance sectors.
Trump remarked, "The people in this room are ensuring that the future of commercial markets is pioneered and perfected right here in the USA. We are competing with other nations to control and profit from these markets, and we are succeeding. We are leading in every area, including AI, by a significant margin, and we intend to keep it that way."
He argued that clearer regulations are essential for retaining crypto and financial technology development within the U.S., criticizing the Biden administration for its regulatory stance, which he claims drives businesses abroad through initiatives like Operation Chokepoint 2.0. He pointed to his own administration's policies, including a strategic Bitcoin reserve and the ban on a U.S. central bank digital currency, as evidence of a better approach to digital assets.
"We’re ensuring that America remains the undisputed leader, not only in Bitcoin and crypto, but also in technologies like prediction markets and artificial intelligence," Trump added. "And we’re leading in every single one."
Additionally, Trump mentioned that Selig is working to bring the decentralized perpetual futures exchange Hyperliquid to the U.S. in a compliant manner. "I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion," Trump said. "Working very hard on that. We would really like to see it."
The meeting occurs as regulators advance crypto policy, while larger market structure legislation remains stalled in Congress. Recently, the SEC proposed new rules that could exempt certain token offerings from securities regulations, potentially easing the path for crypto companies to raise funds.
Although Trump referenced prediction markets, key executives from platforms like Kalshi and Polymarket were reportedly not invited to the meeting. A source indicated that the White House chose to concentrate solely on the topic of cryptocurrency.