Trump Urges Congress to Pass 'Fairness Version' of Clarity Act

BlockBeats News, August 20: During a meeting at the White House with executives from the cryptocurrency industry and financial institutions, U.S. President Trump urged Congress to pass a "fair version" of the Clarity Act to establish a clearer regulatory framework for digital assets.

Trump stated that this act would help the U.S. maintain its leading position in the cryptocurrency field and create space for the next wave of innovation and entrepreneurship. He emphasized the need for clear regulatory rules in the U.S. to prevent crypto companies from moving overseas due to policy uncertainty.

The meeting included executives from various crypto and financial companies such as Coinbase, Ripple, Robinhood, Kraken, Chainlink, Gemini, as well as SEC Chairman Paul Atkins, CFTC Chairman Michael Selig, and White House crypto advisor Patrick Witt.

The Clarity Act aims to clarify the SEC and CFTC's authority in digital asset regulation and establish a federal-level regulatory framework for the crypto market. The bill is expected to be reintroduced for Senate review in September, with the Republican Party currently needing to secure support from about 6 Democratic lawmakers to reach the 60-vote threshold for passage.

Additionally, Trump also highlighted his administration's efforts to promote a strategic Bitcoin reserve, a digital asset reserve plan, the prohibition of a U.S. central bank digital currency (CBDC), and the Clarity Act.

Previously, the U.S. SEC proposed new rules for crypto asset offerings, intending to provide regulatory exemptions for certain token issuances and lower the fundraising threshold for eligible crypto projects.