U.S. President Donald Trump has urged Congress to support a "fair version" of the CLARITY Act, aimed at establishing a regulatory framework for the cryptocurrency market. His remarks were made during a meeting with industry leaders at the White House on August 19.

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Among those present were executives from Coinbase, Ripple, Kraken, Gemini, Robinhood, Nasdaq, and Intercontinental Exchange, as well as SEC Chair Gary Gensler and CFTC Chair Michael Selig. Trump emphasized that the passage of this legislation is crucial for the U.S. to maintain its leadership in digital assets and stay ahead of China.

The CLARITY Act is designed to create a federal regulatory framework for the crypto market and delineate the authorities of the SEC and CFTC. Coinbase CEO Brian Armstrong noted that the bill would establish long-term regulations for the industry. He believes it could secure over 60 votes in the Senate, according to Cointelegraph.

However, Arizona Senator Ruben Gallego, who is involved in bipartisan negotiations regarding the bill, cautioned against rushing a vote.

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At the Wyoming Blockchain Symposium, he stated that both Republicans and Democrats need to resolve outstanding disagreements over ethical restrictions, stablecoin yields, and other provisions of the bill.

Lawmakers also have to finalize the regulatory aspects pertaining to the Senate Agriculture Committee, compile a comprehensive package, and determine the steps for its progress through Congress.

"A quick vote yields quick results, but I’m not sure that’s what you want," Gallego remarked.

One of the main challenges remains the rules limiting current officials' participation in cryptocurrency projects. According to Reuters, the ethical concerns are one reason some Democrats are hesitant to back the current version of the CLARITY Act. This issue directly affects the business interests of the Trump family in the industry.

Before the congressional recess, Gallego and Republican Senator Thom Tillis prepared a compromise proposal regarding the relevant restrictions and sent it to the White House. However, the administration reportedly did not provide a substantial response to the proposal's points.

In response to Trump’s call for a "fair version" of the law, Gallego stated that the parameters for ethical restrictions should be determined by Congress, not the president.

Another point of contention involves stablecoin yields. American banks are advocating for stricter limits on reward programs, which they argue resemble interest-bearing bank deposits. Conversely, crypto firms believe that these additional barriers are an attempt by financial institutions to protect the traditional deposit model.

It is worth noting that on August 6, the Senate postponed advancing the CLARITY Act until after the summer recess. Senate Majority Leader John Thune stated that the chamber would revisit the bill when it reconvenes in September.