President Donald Trump hosted a high-level meeting with crypto executives at the White House on August 19, urging Congress to advance the Digital Asset Market Clarity Act and signaling that a key procedural vote on the landmark legislation is now set for September 15.
The summit brought together leaders from Coinbase, Ripple, Robinhood, and other major industry players, along with SEC Chair Paul Atkins and CFTC Chair Michael Selig. Trump told attendees that his administration is "fully committed" to passing what he called a "fair version" of the bill.
The CLARITY Act would establish a federal framework for digital asset regulation, giving the CFTC primary jurisdiction over most cryptocurrencies while preserving limited SEC oversight for securities-related token offerings. The bill has advanced through House committees but stalled ahead of the August congressional recess.
A major sticking point has been ethics provisions related to Trump's own crypto holdings, which have reportedly generated around $1.4 billion. The White House agreed in July to include language barring federal officials from issuing or sponsoring digital assets, but Democrats have pushed for stricter measures.
The market reacted positively to the summit. Coinbase shares rose 3.2% in after-hours trading, while the HYPE token associated with Hyperliquid surged 11% after Trump noted that the CFTC is working to bring the decentralized exchange into U.S. compliance.
Crypto industry lobbyists have framed the September vote as a make-or-break moment. If the bill fails to advance, they warn, the United States risks ceding leadership in digital asset innovation to jurisdictions like the United Arab Emirates, Singapore, and Switzerland that have already enacted comprehensive frameworks.
Image source: i.ibb.co