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President Donald Trump urged Congress to swiftly pass the so-called CLARITY Act, which would establish a regulatory framework for the cryptocurrency market, during a gathering of major crypto industry executives at the White House
Trump met with crypto industry figures on the 19th and said the bill would play a key role in maintaining U.S. competitiveness in emerging technology and securing global leadership He added that Congress should pass a fair version of the CLARITY Act to move to the next stage, calling it a powerful legislative framework that could put the United States ahead of competitors such as China
Attendees at the White House event included Brian Armstrong, CEO of Coinbase, the largest U.S. cryptocurrency exchange; Tyler and Cameron Winklevoss, the brothers who founded Gemini; Arjun Sethi, co-CEO of Payward, which operates Kraken; and Vlad Tenev, CEO of Robinhood.
The CLARITY Act would clarify the regulatory framework for the cryptocurrency market, including by dividing oversight authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also includes measures to ease rules on decentralized finance (DeFi) and interest payments on stablecoins.
The complication is that Trump reported earning $1.4 billion (about 2 trillion won) last year through cryptocurrency and meme coin ventures. That was the largest single share of the president’s total reported income at the time. Critics have raised concerns that Trump’s push to pass the CLARITY Act poses a conflict of interest.
The CLARITY Act is currently stalled in the Senate. Passage has proven difficult in particular as Democrats and Republicans clash over ethics rules governing the intersection of Trump’s own interests and those of the crypto industry.
Separately from the legislative work in Congress, U.S. federal regulators are moving quickly to reduce legal uncertainty surrounding digital assets. Led by the SEC and CFTC, the effort aims to establish clearer regulatory standards that the industry can follow.
#CLARITYAct#CryptoRegulation#Trump#Coinbase#Stablecoin
Original reporting by Kim Jung-wook for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreignxact original wording
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