Trump urges Congress to pass Clarity Act crypto bill
This digest was compiled by AI from multiple sources — links to the originals are below.
President Donald Trump urged Congress to pass the Clarity Act, a landmark crypto bill, during a White House event with crypto executives. Republican senators released a final draft with new ethics rules and Treasury intervention powers. Procedural votes are expected later this week.
Key Facts
- Trump hosted crypto executives at the White House and called for passage of the Clarity Act.
- The final draft gives the Treasury Secretary power to intervene if deposit flight harms community banks.
- New ethics rules require the president to divest crypto holdings or place them in a blind trust, with financial penalties for non-compliance.
- Banking trade groups previously helped stall a vote on the bill before the August recess.
White House Push
Trump praised Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss during the event. He told the gathering that Congress needs to pass a fair version of the Clarity Act. Banking behemoths and community lenders were absent from the White House event.
Bill Revisions
The new version empowers the Treasury Secretary to act if deposit flight becomes detrimental to community banks. It adds ethics guard rails for the president and elected officials holding cryptocurrencies. State attorneys general gain a role in enforcing the ethics rules.
Legislative Outlook
Senators promised to begin procedural votes later this week. Banking trade groups earlier helped stall a vote threatened before the August recess. Passage remains uncertain as the industry seeks a victory.
1 source
Time · lag behind first