White House Crypto Meeting: Trump Pushes Clarity Act as Bitcoin Above $70K

Donald Trump called on Congress to pass historic cryptocurrency legislation during a White House crypto meeting on August 19.

White House Crypto Meeting: What Trump Said About the Clarity Act

Speaking alongside leading regulators and industry executives, Trump stated that his administration is focused on creating a system‚ the framework of which will allow crypto firms to do business in the United States without fear․

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Trump Calls on Congress to Pass a “Fair Version” of the Clarity Act

Trump also encouraged lawmakers to pass what he called a “fair version” of the Clarity Act, which would clarify how to classify digital assets and divide the responsibility for regulating them between federal agencies. The Clarity Act has stalled in the Senate over ethics and other issues.

The support for the Trump Clarity Act comes before a procedural vote on the bill in the Senate on September 15 that requires 60 votes, meaning that Republican votes alone are not sufficient for passage. 

Trump Says the U.S. Must Remain a Global Crypto Leader

Trump stated that clearer rules around regulation would help the United States maintain its lead against China and other competitors and spark further innovation, aiming for the country to remain the world’s leader in Bitcoin, cryptocurrency, as well as other areas like artificial intelligence, prediction markets, and blockchain.