Amid the uncertainties over the Clarity Act’s passing, United States President Donald Trump has asked the Congress to pass the “fair version” of the bill, which would bring clearer definitions to the growing cryptocurrency sector.
The Republican, who often calls himself the “crypto-friendly president,” made the comments in the presence of industry executives who had gathered for an event at the White House with him.
Crypto ventures have been aggressively backing the “Clarity Act,” stating that the legislation would put them on solid legal ground. However, the bill has stalled in the Senate with little time left on the congressional calendar.
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Several top crypto executives, including Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken co-CEO Arjun Sethi, along with Intercontinental Exchange CEO Jeffrey Sprecher, spoke alongside Trump at the event, which was also attended by notable individuals such as US Commodity Futures Trading Commission Chair Mike Selig, Securities and Exchange Commission Chair Paul Atkins, and White House crypto advisor Patrick Witt.
“Now we need Congress to take the next step by passing the Clarity Act—a fair version of the Clarity Act,” Trump said during the event.
Despite the Republican pursuing crypto-friendly policies since returning to office in January 2025, the industry sees the “Clarity Act” as the ultimate deal. The proposed bill aims to define which tokens qualify as securities versus commodities and which agencies have oversight of the sector.
Without the Clarity Act’s legislation, regulations will be vulnerable to the shifting political climate and court challenges, creating lingering hazards for the crypto industry, say executives and analysts.
However, the Clarity Act has found bipartisan opposition, as many Democrats, along with a section of Republicans, have said that they would not vote for a bill without strong language to ban political officials from profiting off of their crypto ventures.
Meanwhile, the SEC has proposed long-awaited rules that would exempt certain token offerings from securities regulations, making it easier for crypto companies to issue tokens and raise money.
“The agency seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws,” Atkins, the SEC’s Trump-appointed chair, said in a statement.
“The SEC’s plan is subject to public comment for 60 days following its publication in the US Federal Register,” the agency said.
Since 2025, the regulatory body has shifted away from its previous crackdown on the industry. Immediately after the beginning of Trump 2.0, SEC performed a course correction by rescinding stringent crypto accounting guidance and dismissing lawsuits against Coinbase, Binance, and others that the agency had alleged were flouting its rules.
Atkins has also backed the crypto companies in their demand that the government accept that virtual tokens resemble commodities more than securities and should mostly be exempt from the SEC’s rules.
If SEC’s draft rules get finalized, it would allow a one-time exemption for crypto companies to issue up to USD 5 million in crypto tokens during a four-year period. It would also allow offerings of up to USD 75 million during each 12-month period, though issuers would still have to provide financial statements and meet regular reporting requirements.
Under both exemptions, token issuers would still need to disclose certain information to investors.
The regulator’s proposal also includes a safe harbor that would exclude a crypto asset from being deemed an investment contract if certain conditions are met.
“Regulation of crypto assets is an important step toward the clear, fit-for-purpose rules digital asset markets in the United States have needed for years,” said Summer Mersinger, CEO of the Blockchain Association.
Cody Carbone, CEO of industry trade group The Digital Chamber also praised the proposal and said that his group would “work with the SEC to ensure consumers and the digital assets industry can thrive onshore in the US.”While the SEC’s proposal could help establish a more solid legal footing for the crypto industry in the short term, industry executives are concerned about the stalling of the Clarity Act, fearing that without its passage, future administrations may seek to overturn or toughen the SEC’s rules.