Since returning to the White House in January 2025, Trump has pushed for crypto-friendly regulatory policies. On Wednesday, he met with top cryptocurrency industry executives at the White House, publicly urging Congress to pass the digital asset market structure bill known as the Clarity Act, calling it critical for the U.S. to maintain its edge in emerging technology. However, the bill remains stalled in the Senate due to disputes over ethics provisions, and with the November midterm elections approaching, industry concerns are growing that the legislative window is narrowing.
Trump said at the event: "We need Congress to take the next step and pass the Clarity Act — a fair version of the Clarity Act. This is very, very strong structural legislation that will put us ahead of the rest of the world." He also stated that the U.S. is at the "starting point of a financial transformation" and that this technology has the potential to "create more jobs, opportunities, and wealth for all Americans."
Attendees at the White House event included Coinbase (COIN.US) CEO Brian Armstrong, Gemini (GEMI.US) founders Tyler and Cameron Winklevoss, Payward co-CEO Arjun Sethi (operator of the Kraken exchange), Robinhood (HOOD.US) CEO Vlad Tenev, and Intercontinental Exchange (ICE.US) CEO Jeffrey Sprecher. Additionally, CFTC Chairman Mike Selig, SEC Chairman Paul Atkins, and White House crypto advisor Patrick Witt also attended.
Bill details and legislative gridlock
The Clarity Act aims to define which crypto tokens are securities and which are commodities, while dividing regulatory authority between the SEC and CFTC. Industry participants argue that a lack of legislation leaves regulation exposed to shifting political winds and court challenges, creating persistent risks for the sector. The bill is currently stalled in the Senate.
Democrats and some Republican lawmakers have said they will not vote in favor unless the bill includes strong provisions barring political officials, including Trump, from profiting from their own crypto projects. Trump's 2025 financial disclosure reported $1.4 billion in revenue from crypto and meme coin-related projects, making it his largest income source.
A poll released this week showed that a majority of Americans believe Trump and his family have improperly profited from the crypto sector since returning to office, and that his policy decisions are influenced by private business interests — including World Liberty Financial and Trump-themed meme coins. Trump responded that he does not participate in the day-to-day management of family businesses, and that investments are managed by independent parties. The White House has also denied all allegations of misconduct.
While congressional legislation remains stalled, regulators are attempting to provide certainty on their own. The SEC on Tuesday unveiled a long-awaited rule proposal to exempt certain digital asset offerings from securities registration requirements, making it easier for crypto companies to issue tokens and raise capital. The CFTC is scheduled to hold the first meeting of its Innovation Advisory Committee on Thursday to discuss crypto regulation and other topics, with members including executives from Coinbase, Robinhood, and prediction markets Kalshi and Polymarket.
The Senate is expected to revisit the bill when it reconvenes in mid-September, but that leaves only a short window before the November midterm elections. Industry leaders worry that if Congress does not act, the crypto sector will remain in a legal vacuum, potentially slowing broader adoption of digital assets across the financial industry.
According to an analysis of lobbying disclosure filings, major crypto companies and industry groups spent millions of dollars on federal lobbying in the first half of this year. With the legislative window narrowing, the industry is intensifying pressure on Capitol Hill.