Trump and Washington Make Big Moves in Crypto Regulation Push

Washington's usual August lull disappeared this week as the SEC unveiled its first crypto-specific rulemaking proposal on Tuesday. President Donald Trump hosted industry executives at the White House on Wednesday, urging Congress to pass a 'fair version' of the bipartisan Clarity Act.

The CFTC convened the inaugural meeting of its Innovation Advisory Committee on Thursday, where Chairman Mike Selig made clear that the commodities regulator is preparing to act if Congress fails to deliver on crypto regulation.

Trump's White House meeting with industry executives focused on passing the Clarity Act, which could bring crypto entrepreneurs and companies back onshore. The discussion also touched on ethics provisions proposed by Sens. Thom Tillis (R-NC) and Ruben Gallego (D-AZ), which Trump has argued unfairly single him out.

The SEC's Regulation Crypto Assets proposal would allow certain offerings of up to $5 million over four years or $75 million annually without full registration, create a conditional safe harbor for crypto assets once an issuer's essential managerial efforts have ended, and preempt certain state securities registration requirements.