Summary of this article
Trump urges Congress to advance CLARITY Act for clearer cryptocurrency regulations.
Bill would define digital asset classifications and establish regulatory responsibilities.
Senate action remains pending as crypto companies push for legislative clarity.
US President Donald Trump has asked lawmakers to move forward with the CLARITY Act, as his administration continues to support a more defined regulatory framework for the cryptocurrency industry. Trump made the appeal during a White House gathering attended by major crypto and financial industry figures.
Trump also called on the US Congress to take up the legislation and pass the Bill, which is a fair version of the CLARITY Act, saying lawmakers now need to take the next step on the legislation.
The legislation is yet to clear the US Senate and faces limited time on the Congressional calendar. Crypto companies have identified the Bill as a key priority as they seek clearer legal treatment for digital assets.
What Does the CLARITY Act Cover
At the centre of the legislation is the classification of crypto tokens. The Bill would seek to establish which digital assets fall under securities rules and which would be considered commodities. It would also set out the responsibilities of US regulators in overseeing the cryptocurrency market. The lack of legislation leaves regulatory rules exposed to changes in political priorities and challenges in court, according to executives and analysts.
Who Attended the White House Event
According to a report by Reuters, the gathering included Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi, and Intercontinental Exchange CEO Jeffrey Sprecher.
The US officials attending the event were US Commodity Futures Trading Commission (CFTC) Chair Mike Selig, US Securities and Exchange Commission (SEC) Chair Paul Atkins, and White House crypto advisor Patrick Witt.
Trump returned to office in January 2025 and has since pursued policies favourable to the crypto industry. However, the broader legislation sought by the crypto sector is yet to pass Congress. Trump has also earned more than $1.40 billion from his family’s cryptocurrency ventures.
The development comes after the US Senate took steps to advance the CLARITY Act. Senate Majority Leader John Thune had called for a procedural vote on the Bill when lawmakers return from their August recess, potentially paving the way for a full Senate vote. The Bill remains a main focus for the crypto industry as lawmakers consider its further steps on the matter.
