- Trump hosted crypto executives at the White House and urged Congress to pass a “fair version” of the Clarity Act, citing disputed ethics provisions he says single him out.
- CFTC Chairman Mike Selig warned the agency will use existing authorities to build its own crypto regime if Clarity stalls over Democratic obstruction.
- SEC formally proposed Regulation Crypto Assets, allowing certain offerings up to $5 million over four years or $75 million annually without full registration.
Washington’s usual August lull vanished as a packed week reshaped the crypto regulatory landscape. President Trump welcomed industry leaders to the White House on Wednesday while the SEC and CFTC each advanced major policy moves.
Coinbase CEO Brian Armstrong, a16z Managing Partner Chris Dixon, Ripple CEO Brad Garlinghouse, and Kraken co-CEO Arjun Sethi met privately with Commerce Secretary Howard Lutnick. The discussion focused on the Clarity Act’s importance for U.S. jobs and bringing crypto companies back onshore.
Trump pressed Congress to pass a “fair version” of the bipartisan bill, referencing ethics provisions from Sens. Thom Tillis and Ruben Gallego. He has argued the provisions unfairly target him, making them the main obstacle to bipartisan agreement.
“Passing Clarity is the surest way that we can prevent another Gary Gensler from running a rogue campaign of lawfare against the individuals and companies in this room today,” CFTC Chairman Mike Selig said at the inaugural Innovation Advisory Committee meeting. “If Clarity continues to stall because of Democratic obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets.”
Meanwhile, the SEC formally proposed Regulation Crypto Assets through a “seriatim” voting process, according to reports. The framework permits offerings up to $5 million over four years or $75 million annually without full registration, plus a conditional safe harbor.
The agency had scheduled an open meeting on the proposal last Friday but abruptly canceled due to an “unforeseen scheduling issue.” White House concerns that Regulation Crypto Assets could complicate Clarity Act negotiations contributed to the cancellation, according to reports.
Chris Dixon thanked the president for leading the push for Clarity, noting strong support from the administration. Crypto in America is a newsletter written by Eleanor Terrett.
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