Trump Calls on Congress to Pass Clarity Act for Cryptocurrency Regulation

US President Donald Trump called on Congress to pass the Clarity Act, a comprehensive legislative framework aimed at establishing clear statutory rules for the cryptocurrency industry. The bill aims to end the Securities and Exchange Commission's regulation through enforcement by clearly defining which digital assets are securities and not commodities.

The legislation includes consumer protections such as $150 million for anti-fraud measures and resale restrictions on insiders to prevent 'pump-and-dump' schemes. Coinbase CEO Brian Armstrong said that passing the Clarity Act would make progress durable into the future, ensuring it survives for decades.

However, the bill has drawn opposition from congressional Democrats due to concerns about presidential conflicts of interest. Sen. Elizabeth Warren stated that the bill fails to prevent Trump from profiting from cryptocurrency ventures and does not adequately protect investors or national security.