Trump urges Congress to pass the "Fair Version" of the Clarity Act

U.S. President Donald Trump, during a White House meeting with executives from the crypto industry and financial institutions, called on Congress to pass a "fair version" of the Clarity Act (Crypto Market Structure Act) to establish a clearer regulatory framework for digital assets. Trump stated the bill would help the U.S. maintain its leadership in the cryptocurrency space and open opportunities for the next wave of innovation and entrepreneurship. He added that clear regulatory rules are needed to prevent crypto firms from relocating overseas due to policy uncertainty. Attendees included executives from crypto and financial firms such as Coinbase, Ripple, Robinhood, Kraken, Chainlink, and Gemini, as well as SEC Chair Paul Atkins, CFTC Chair Michael Selig, and White House Crypto Advisor Patrick Witt. The Clarity Act aims to clarify the regulatory authority of the SEC and CFTC over digital assets and establish a federal-level regulatory framework for crypto markets. The bill is expected to be reintroduced in the Senate in September; Republicans still need to secure support from around six Democratic lawmakers to hit the 60-vote threshold required for passage. Additionally, Trump emphasized that his administration has advanced crypto-related policies including a strategic bitcoin reserve, a digital asset reserve plan, a ban on a U.S. central bank digital currency (CBDC), and the Clarity Act. Earlier, the U.S. SEC proposed new rules for crypto asset issuance, which would provide regulatory exemptions for certain token launches and lower the financing barriers for eligible crypto projects.