- CEOs from technology and other innovation-driven industries met with President Donald Trump ahead of the CFTC’s first Innovation Advisory Committee session this week.
- Trump urged Congress on Wednesday to move forward with crypto market structure legislation, telling lawmakers they need to “take the next step” and approve the bill.
- Speaking alongside executives from Coinbase, Gemini, Ripple, Chainlink Labs and other crypto companies, Trump called for a “fair version” of the Digital Asset Market Clarity Act. His comments come as negotiations over the bill’s language continue in the Senate.
- Trump said the legislation could help the US maintain its competitive edge over China and other countries while creating room for the next generation of digital innovation.
- The White House gathering was held ahead of the CFTC’s Innovation Advisory Committee meeting on Thursday. The newly formed panel includes executives from Kraken, Anchorage Digital, Grayscale, OKX and other crypto firms, along with representatives from prediction markets and artificial intelligence companies.
Crypto Leaders Discuss Clarity Act With Trump
- Chainlink Labs CEO Sergey Nazarov said Trump invited the executives into the Oval Office after the event and asked them to provide collective feedback on the administration’s priorities.
- The Clarity Act was among the topics discussed, with the group examining what would be needed to push the legislation toward enactment, Nazarov said.
- Nazarov said Trump’s team believed the bill remained achievable, pointing to a relatively small number of unresolved issues and several senators whose support would be needed.
- Trump has been a driving force behind the administration’s crypto agenda. The SEC unveiled a major crypto-related regulatory proposal this week, while the Treasury Department has also been developing its stablecoin policy.
- The president is also closely involved in the political dispute surrounding the Senate’s Clarity Act. Democratic negotiators have sought stronger ethics provisions aimed at Trump’s crypto interests and potential conflicts involving senior government officials.
Clarity Act Heads Toward Critical Senate Test
- The legislation could receive another chance in the Senate next month before Congress enters a recess that may extend through the November elections.
- Although lawmakers have positioned the bill for a possible final vote, it has yet to demonstrate that it can secure the 60 votes needed to pass the Senate.
- Coinbase CEO Brian Armstrong said the Clarity Act could preserve the administration’s crypto policy progress for decades by establishing a durable regulatory framework.
- Armstrong described the legislation as a true bipartisan compromise and urged lawmakers to work together to get it passed.
SEC Urges Congress to Pass Clarity Act
- SEC Chairman Paul Atkins linked the agency’s latest crypto proposal to the broader need for permanent legislation establishing clear digital asset rules.
- Atkins told Trump that the SEC’s proposed crypto regulations would give digital asset entrepreneurs and job creators greater certainty when raising capital in the US.
- He said congressional passage of the Clarity Act is the agency’s most important priority and pledged that the SEC would continue supporting efforts to advance the bill.
Trump Continues White House Crypto Outreach
- Trump has previously brought crypto executives to the White House, including for a major crypto summit after returning to office and a ceremony marking the signing of the GENIUS Act, which established a regulatory framework for stablecoins.
- Nazarov welcomed the wide range of companies represented at Wednesday’s meeting, including traditional financial institutions, fintech businesses and blockchain infrastructure providers.
- He said the industry needs to better communicate the broader economic importance of digital assets and their potential role in preserving US financial leadership.
- Nazarov also argued that some critics may underestimate the stakes for the dollar’s global reserve-currency position. He praised the SEC and CFTC leadership for recognizing the importance of keeping US financial markets competitive globally.
