Melker Bengtsson
TL;DR
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Trump was joined by industry CEOs to urge the Senate to pass the CLARITY Act
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Treasury proposed its stablecoin rule, the SEC proposed Reg Crypto Assets, and the CFTC's new committee meets today
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A cloture vote is expected when senators return from recess, on September 15th
Washington is pushing for crypto at the moment. Yesterday, President Trump was joined by industry CEOs to urge the Senate to pass the CLARITY Act, the US crypto market structure bill. The event yesterday was day three in a coordinated four-day run pushing crypto in the US.
During his speech, Trump also noted that the CFTC is working to bring Hyperliquid to the US. The decentralized exchange has stayed out of the country to limit enforcement exposure.
CEOs from Coinbase, Kraken, Gemini, Ripple, Robinhood and Chainlink Labs as well as top regulators were all present at yesterday’s event at the White House where a further, sizable, Bitcoin buy was reportedly discussed as well as some feedback from the group of companies.
Trump commented on CLARITY:
It's a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else. We'll open the door to the next wave of innovations and innovators.
Brian Armstrong, CEO of Coinbase, added:
This would make all of the progress that this administration has made durable into the future, so it could survive for decades and decades to come.
A coordinated four-day run
On Monday, the Treasury Department proposed its rule for when a stablecoin counts as issued or sold under the GENIUS Act. This defines who needs a federal or state license when the law takes effect next January. On Tuesday the SEC formally proposed Reg Crypto, the fundraising rules for crypto.
And today, the CFTC Innovation Advisory Committee will meet for the first time. The new committee will have an advisory role to CFTC on topics such as crypto, AI and prediction markets.
CLARITY is still waiting to hit the Senate floor. A vote on cloture is expected as soon as senators return from recess, on September 15th. At that point, Republicans need to have either convinced six Democrats to cross the aisle or reached a compromise on the ethics provision. President Trump’s crypto ventures, which made him over $1.4 billion, last year have made the section about officials making money off crypto a sticking point.
The administration is now pulling every lever to get CLARITY passed while agencies are pushing through rules, rather than wait for legislation.
