Trump said at a White House meeting on Wednesday with the head of the encryption and finance industry that Congress should promote the adoption of the “fair version” of Clarity Act. He saw the bill as the next step in the digital assets agenda of the United States, stating that clearer rules would help businesses to remain in the United States rather than move abroad.
The Bill focuses on the division of labour.
The Clarity Act is a broad-based encrypted market structure bill, centred on a federal-level regulatory framework for digital assets and further clarifying the respective competencies of the United States Securities and Exchange Commission (SEC) and the Commodity Futures and Exchange Commission (CFTC).
At the current pace, parliamentarians were unable to move the bill forward on a procedural basis before the August recess. The bill is expected to return to the Senate in September. The report mentions that the Republican side still needs to enlist the support of some six Democratic parliamentarians to reach the 60-vote threshold.
The White House meeting brought together several agencies.
The meeting was attended by Brian Armstrong, CEO of Coinbase, Brad Garlinghouse, CEO of Ripple, Vlad Tenev, Co-CEO of Kraken Arjun Sethi, and representatives of NASDAQ, Intercontinental Exchange, Chainlink, Blockchain.com, Gemini and a16z crypto.
Also present were the Chairman of CFTC, Michael Selig, the Chairman of SEC, Paul Atkins, and the White House encryption consultant, Patrick Witt. The day before the meeting, the CFTC Advisory Council on Innovation would hold its first meeting, and the market was also following the way forward for United States regulators.
Referring to Hyperliquid entering the United States
Trump stated at the meeting that the United States needed clearer regulatory rules so that encryption companies and financial science and technology development would remain at home. At the same time, he criticized the way in which regulation and enforcement took place during the Biden Government, which led to the transfer of some businesses abroad.
He also mentioned that the current Government had promoted measures such as strategic bitcoin reserves, digital asset reserve arrangements, a ban on the introduction of the United States Central Bank digital currency, and the GENIUS Act. Trump added that the Chairman of the CTC, Michael Selig, was promoting decentrization of the permanent contract trading platform Hyperliquid into the United States market in a compliance manner.
The SEC has proposed a new rule on Tuesday to exempt some of the token issuance requirements for securities. If advanced, this proposal could lower the threshold of compliance for encryption companies to issue tokens and finance.
Additional information:Despite Trump ' s reference to the forecast market, key platform executives such as Kalshi and Polymarket were not invited. Polit tokens were issued, citing sources who claimed that the White House had finally decided to focus on the encryption industry itself.