Trump urges Congress to pass Clarity Act

President Trump urged Congress to pass a ‘fair version’ of the Clarity Act at a White House meeting on cryptocurrency, saying the bill would provide predictable oversight for a fast-growing market.

The meeting brought together White House officials and representatives from the cryptocurrency industry to discuss how federal law should treat tokens, exchanges and related services.

Trump pressed lawmakers to define regulatory roles and reduce uncertainty that companies say has slowed investment and product development in the sector.

Officials in attendance recounted his remark: “Pass a fair version of the Clarity Act.” He stressed the need for rules that are straightforward for businesses and enforceable by regulators while protecting consumers from fraud and abuse.

Participants debated how to classify different digital assets. Industry representatives said clear statutory definitions would help markets function and attract capital. Some officials raised concerns about consumer protections and the potential for illicit activity.

Supporters say the Clarity Act would set when tokens are securities overseen by the Securities and Exchange Commission and when they should be treated as commodities or other types of assets under different regulators. Opponents warned broad or vague language could subject legitimate projects to stricter regimes and affect decentralized finance and stablecoins.

No formal text was negotiated at the session. Lawmakers and industry officials discussed possible compromises on definitions, reporting requirements and exemptions for certain types of crypto activity.

Attendees reviewed recent enforcement actions and regulatory guidance that industry leaders say have created legal uncertainty. Officials noted differing approaches among federal agencies have left businesses unsure which rules apply. The Clarity Act was described at the meeting as a way to reduce that fragmentation by setting clear statutory standards.