Trump Touts Crypto Bill as 'Major Step' Towards US Dominance
President Donald Trump met with top cryptocurrency leaders at the White House on Wednesday to push for clearer rules and regulation. The industry is pushing for the Clarity Act, a bipartisan bill that would require illicit finance protections and place crypto markets under the oversight of the Commodity Futures Trading Commission (CFTC) and give disclosure oversight to the Securities and Exchange Commission (SEC).
The meeting was seen as a positive development by the industry, with Bitcoin (BTC) surging above $70,000 for the first time since June. The White House event came just before the CFTC hosted its Innovation Advisory Committee on Thursday.
Kristin Smith, president of the Solana Policy Institute, said that passing the Clarity Act would be a major step toward consistency, legitimacy, and reliability for the 67 million Americans who own and use crypto. However, Democrats have raised concerns about the president's family profiting from crypto and are seeking a prohibition on the issuance and sponsorship of digital assets for federal officials.