Trump Presses Congress to Pass Clarity Act Amid Crypto Industry's Growing Uncertainty
President Donald Trump urged Congress to pass the stalled CLARITY Act during a White House event with top industry executives on Wednesday. The bill aims to establish clearer definitions and rules for the growing cryptocurrency sector, allowing a majority of crypto tokens to be classified as 'digital commodities' and regulated by the Commodity Futures Trading Commission (CFTC). Some tokens would be classified as securities, keeping them under the oversight of the Securities and Exchange Commission (SEC).
The CFTC's Innovation Advisory Committee is set to hold its first meeting on Thursday. Companies attending the White House event included Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi and Intercontinental Exchange CEO Jeffrey Sprecher. Federal officials including CFTC Chair Mike Selig, SEC Chair Paul Atkins and White House crypto adviser Patrick Witt also attended.
Trump emphasized the importance of passing the CLARITY Act, stating that it would 'keep us ahead of China' and provide clarity for the industry. He described cryptocurrency as a 'financial technology that has the potential to create more jobs, opportunity, and wealth for all Americans.'