Trump’s Crypto Bill Push: Congress Moves CLARITY Act to Stay Ahead of China

Donald Trump called on Congress to pass the 'Digital Asset Market Clarity (CLARITY) Act' to keep the U.S. ahead of China. At a White House press conference with Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss, Trump urged lawmakers to advance a 'fair version' of the bill. The House-passed measure in July has stalled in the Senate due to concerns over tokenized equities, stablecoin rewards, and potential conflicts of interest with the Trump family. Armstrong, speaking after Trump and U.S. regulators, said the bill would provide 'durable' crypto policies that could last 'decades.' He suggested the legislation could secure 'more than 60 votes' once the Senate addresses a cloture motion in September. Trump called the bill 'very bipartisan,' noting 'many Democrats support it.' The president pushed for the CLARITY Act following the death of Sen. Lindsey Graham, whom he called a 'big supporter' of the measure. The White House meeting coincided with the CFTC's scheduled Innovation Advisory Committee meeting, where Chair Michael Selig indicated the agency would advance crypto regulations. The SEC also proposed crypto rules offering a safe harbor for tokens from being classified as 'investment contracts.' These developments underscore the U.S. government's efforts to solidify its leadership in the crypto sector.