BlockBeats News, August 20th - During a meeting at the White House with executives from the cryptocurrency industry and financial institutions, U.S. President Trump urged Congress to pass a "fair version" of the Clarity Act to establish a more defined regulatory framework for digital assets.

Trump stated that the legislation would help the U.S. maintain its leading position in the cryptocurrency field and create space for the next wave of innovation and entrepreneurship. He argued that the U.S. needs clear regulatory rules to prevent crypto companies from moving overseas due to policy uncertainty.

The meeting included executives from various crypto and financial firms such as Coinbase, Ripple, Robinhood, Kraken, Chainlink, Gemini, as well as SEC Chairman Paul Atkins, CFTC Chairman Michael Selig, and White House crypto advisor Patrick Witt.

The Clarity Act aims to clarify the SEC's and CFTC's roles in digital asset regulation and establish a federal-level regulatory framework for the crypto market. The bill is expected to be reintroduced to the Senate for review in September, with the Republican Party still needing to secure support from about six Democratic lawmakers to reach the 60-vote threshold for approval.

Furthermore, Trump emphasized that his administration has been advancing strategic Bitcoin reserves, a digital asset reserve plan, the prohibition of a U.S. Central Bank Digital Currency (CBDC), and the Clarity Act among other crypto-related policies.

Previously, the U.S. SEC proposed new rules for crypto asset offerings, intending to provide regulatory exemptions for some token issuances and lower the funding threshold for qualifying crypto projects.