President Trump urged Congress to pass crucial crypto legislation during a meeting with crypto executives at the White House on Wednesday. Trump, who earned $1.4 billion from his memecoin and crypto ventures last year, said the legislation would "keep us ahead of China, keep us ahead of everyone else" and "open the door to the next wave of innovations and innovators."

The Clarity Act, which would represent the first regulatory framework expected to usher in wider acceptance of crypto, has stalled amid disagreement over ethics language that would prevent government officials from profiting off digital assets. It is scheduled for a procedural vote on Sept. 15.

Trump also said he understood that Mike Selig, chairman of the Commodity Futures Trading Commission, was working to bring decentralized crypto exchange Hyperliquid in to the U.S. "in a fully compliant legal fashion."

Crypto executives attending the meeting include Coinbase Chief Executive Brian Armstrong, Kraken co-CEO Arjun Sethi, Ripple CEO Brad Garlinghouse and Gemini cofounders Cameron and Tyler Winklevoss. Also attending were Robinhood Markets CEO Vlad Tenev, Nasdaq CEO Adena Friedman and Intercontinental Exchange CEO Jeffrey Sprecher. Paul Atkins, chair of the Securities and Exchange Commission, and CFTC chairman Selig were also at the meeting.

The SEC proposed rules on Tuesday that would allow startups to raise money through tokens without triggering securities regulation. The CFTC is hosting on Thursday the inaugural meeting of its Innovation Advisory Committee, which will focus on topics including crypto assets, artificial intelligence and prediction markets.