Trump's White House summons crypto industry executives to stand on the platform to publicly pressure Congress to pass the Clarity Act

The Zhitong Finance App learned that since returning to the White House in January 2025, Trump has been promoting regulatory policies friendly to the cryptocurrency industry. On Wednesday local time, he met with key cryptocurrency industry executives at the White House and publicly called on Congress to pass the Digital Asset Market Structure Act “Clarity Act” (Clarity Act), saying the bill is essential for the US to maintain its leading position in emerging technology. However, the bill is at an impasse in the Senate due to a dispute over moral provisions. As the November midterm elections approach, industry concerns about the narrowing of the legislative window are heating up.

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 a very, very strong structural legislation that will put us ahead of the rest of the world.” He also said that the US is at the “beginning of a financial transformation” and that this technology has the potential to “create more jobs, opportunities, and wealth for all Americans.”

Attending the White House event included Coinbase (COIN.US) CEO Brian Armstrong; Gemini (GEMI.US) founders Taylor Winklevoss and Cameron Winklevoss; Kraken Exchange operator Payward Co-CEO Arjun Sisi; Robinhood (HOOD.US) CEO Vlad Tenev; and Intercontinental Exchange (ICE.US) CEO Jeffrey Spracher. Additionally, US Commodity Futures Trading Commission (CFTC) Chairman Mike Selig, US Securities and Exchange Commission (SEC) Chairman Paul Atkins, and White House Cryptocurrency Advisor Patrick Witt also attended the event.

The content of the bill and the legislative impasse

The Clarity Act aims to clarify which cryptocurrencies are securities and which are commodities, and divide the regulatory powers of the SEC and CFTC. The industry believes that a lack of legislation will expose regulation to changes in political trends and court challenges, thereby posing continuing risks to the industry.

The bill is currently stalled in the Senate. Democratic and some Republican lawmakers said they would not vote for the bill unless it contains strong provisions prohibiting political officials, including Trump, from profiting from their own cryptocurrency projects. Trump reported in his 2025 financial disclosure that he received $1.4 billion in revenue from cryptocurrency and meme-related projects as his biggest source of revenue.

According to a poll released this week, most Americans believe that Trump and his family have unduly profited in the cryptocurrency sector since coming back to power, and that their policy decisions have been influenced by private business dealings; these business dealings include World Liberty Financial and Trump-themed meme coins.

However, Trump responded that he was not involved in the day-to-day management of the family business and that the investment was managed by an independent party. The White House also denied all allegations of misconduct.

While congressional legislation is at a standstill, regulators are trying to provide certainty first. The SEC announced a long-pending rule proposal on Tuesday to exempt certain digital asset issuances from securities registration requirements, making it easier for cryptocurrency companies to issue tokens and raise funds. The CFTC is scheduled to hold the first meeting of the Innovation Advisory Committee on Thursday to discuss topics such as crypto regulation. The members include executives from Coinbase, Robinhood, prediction market Kalshi, and Polymarket.

The Senate is expected to review the bill again after it reconvenes in mid-September, but there is only a short time left until the November midterm elections. Industry leaders worry that if Congress doesn't act, the cryptocurrency industry will remain in a legal vacuum, which could slow the financial industry's wider acceptance of digital assets.

Major cryptocurrency companies and industry groups have spent millions of dollars on federal lobbying in the first half of this year, according to an analysis of lobbying disclosure documents. As the legislative window narrows, the industry is putting more pressure on Capitol Hill.