Trump Urges Congress to Pass Crypto Clarity Bill
At an event at the White House on Wednesday, President Donald Trump called for Congress to pass a bill that would clarify definitions in the growing cryptocurrency sector. The 'Clarity Act' aims to define which tokens qualify as securities versus commodities and which agencies have oversight of the sector.
The bill has stalled in the Senate with little time left on the congressional calendar, but industry executives are pushing for its passage. Trump, who has earned over $1.4 billion from his family's crypto ventures, urged lawmakers to pass a 'fair version' of the Clarity Act.
Several top crypto executives, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev, spoke alongside Trump at the event. They say that without legislation, regulations will be vulnerable to shifting political climates and court challenges.