Trump calls for Congress to pass crypto bill at White House event

On Wednesday, U.S. President Donald Trump addressed an event at the White House, urging Congress to pass a bill aimed at bringing clarity to the rapidly expanding cryptocurrency sector. The event gathered top executives from major crypto companies, including Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken co-CEO Arjun Sethi, as well as representatives from the U.S. Commodity Futures Trading Commission, Securities and Exchange Commission, and the White House crypto advisor.

Trump emphasized the need for a "fair version of the Clarity Act," a bill that industry representatives claim would provide the necessary legal framework for crypto companies, but has been facing opposition in the Senate due to the approaching end of the congressional session. The Clarity Act seeks to define which digital tokens are considered securities or commodities and establish oversight by the appropriate agencies.

Without this legislation, crypto regulations could become subject to political shifts and legal challenges, putting the industry at risk. The SEC recently proposed rules that would exempt certain token offerings from securities regulations, allowing crypto firms to raise funds more easily. However, many Democrats and some Republicans have expressed reservations, stating that they would not support the bill unless it includes provisions to prevent politicians, like Trump, from profiting from their own crypto ventures.

Recent polls indicate that a majority of Americans believe Trump and his family have benefited from the crypto sector since his return to office, and that his business dealings may influence his policy decisions. The White House denies any accusations of impropriety.