Trump Urges Congress to Pass Clarity Act to Clear Crypto Regulatory Haze
US President Donald Trump has called on Congress to pass a bill that would bring clearer definitions to the growing cryptocurrency sector. This move comes after several top crypto executives, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev, spoke alongside Trump at an event at the White House.
The Clarity Act aims to define which tokens qualify as securities versus commodities, and which agencies have oversight of the sector. Without legislation, regulations will be vulnerable to the shifting political climate and court challenges, creating lingering hazards for the crypto industry.
Trump has earned more than $1.4 billion from his family's crypto ventures and urged lawmakers to pass a 'fair version' of the Clarity Act. However, many Democrats and some Republicans have said that they would not vote for a bill without strong language to ban political officials from profiting off their own crypto ventures.
The SEC has proposed long-awaited rules that would exempt certain token offerings from securities regulations, making it easier for crypto companies to issue tokens and raise money. However, the Clarity Act remains stalled in the Senate with little time left on the congressional calendar.