President Donald Trump urged Congress on Wednesday to swiftly pass the Digital Asset Market Clarity Act, aiming to establish a clear legal framework for the cryptocurrency industry during a White House meeting with technology company CEOs. The attendees included top executives from leading crypto firms such as Coinbase, Gemini, Ripple, and Chainlink Labs.
During the meeting, Trump described the bill as "a very strong and well-structured piece of legislation" that opens the door for the next wave of innovation. He emphasized that Congress should "take the next step" to push the bipartisan-backed bill through the Senate. Following the session, Trump invited the executives to the Oval Office for further in-depth discussions, hearing industry feedback on the administration's next moves and exploring concrete steps to advance the legislation.
The meeting came just ahead of the Commodity Futures Trading Commission's inaugural meeting of its Innovation Advisory Committee. That committee's roster includes CEOs from crypto firms such as Kraken, Anchorage Digital, Grayscale, and OKX, along with representatives from prediction market platforms and artificial intelligence companies.
The Digital Asset Market Clarity Act is currently stalled in the U.S. Senate, with its final voting window expected before Congress recesses next month. The bill requires 60 votes to pass. Meanwhile, negotiations over ethical restrictions on government officials' cryptocurrency holdings and trading have become a key point of bipartisan contention. Coinbase CEO Brian Armstrong stated that the bill represents a "true bipartisan compromise," and its passage would provide long-term stability for the administration's progress in the digital asset space.
Securities and Exchange Commission Chair Paul Atkins said at the meeting that the agency's first major cryptocurrency rule proposed this week is closely tied to the legal durability established by the Digital Asset Market Clarity Act. He noted that the rule would provide certainty for crypto entrepreneurs seeking to raise funds using digital assets in the United States, and stressed that the SEC is fully cooperating with Congress to push the bill forward.
Chainlink Labs CEO Sergey Nazarov expressed optimism about the meeting's outcomes, praising the White House and regulators for their understanding of the importance of maintaining U.S. competitiveness in the global market. He pointed out that some opponents fail to recognize that the global reserve currency status is not a given, and that the administration's regulatory approach is heading in the right direction.