Trump urges Congress to pass the Clarity Act to establish rules for cryp­tocur­rency

President Donald Trump convened leaders of the crypto industry and their regulators to the White House on Wednesday, where he praised them for “ensuring that the future of commercial markets is pioneered and perfected right here in the USA” and encouraged Senate lawmakers to pass the Clarity Act.

“We’re ensuring that America remains the undisputed leader, not only in Bitcoin and crypto, but also technologies like prediction markets, artificial intelligence and much more,” the president said at an event where he was joined by the leaders of the Securities and Exchange Commission, the New York Stock Exchange, the Commodity Futures Trading Commission and the cryptocurrency exchanges Coinbase, Kraken and Robinhood.

Passing the Clarity Act, he said, will “keep the U.S. ahead of China” and “open the door to the next wave of innovations and innovators.”

The Digital Asset Market Clarity Act is a comprehensive U.S. legislative framework aimed at establishing clear statutory rules for the cryptocurrency industry, according to Congress.gov. Its primary goal is to end the Securities and Exchange Commission’s regulation through enforcement by establishing exactly which digital assets are securities and not commodities.