Trump Urges Congress to Pass Clarity Act Amid Crypto Rally

President Donald Trump hosted a summit of cryptocurrency, finance, and technology executives at the White House on August 19, 2026, to advocate for the Digital Asset Market Clarity Act of 2025. Trump described the legislation as essential for maintaining a technological edge over China and urged the Senate to pass a fair version of the bill before a scheduled September 15 procedural vote. The meeting coincided with the launch of a new Innovation Advisory Committee for the Commodity Futures Trading Commission (CFTC).

The administration's push for a formal regulatory framework comes as the SEC and CFTC move to implement lighter rules. SEC Chair Paul Atkins proposed Regulation Crypto Assets to allow certain companies to raise capital without traditional registration, while the CFTC indicated it would use existing authority to establish a crypto regulatory regime if the Clarity Act remains deadlocked in the Senate. Trump also highlighted the establishment of a Strategic Bitcoin Reserve and a Digital Asset Stockpile as permanent Treasury assets.

These developments, combined with a U.S. Treasury announcement to double long-term bond buybacks, triggered a massive market rally. Bitcoin surged above $75,000, and Ether reached a three-month high, fueled by the liquidation of billions in short positions.

However, the initiative faces significant political opposition. Democratic lawmakers have stalled the Clarity Act over ethics provisions, citing Trump's personal crypto earnings of approximately $1.4 billion in 2025. Senator Elizabeth Warren specifically criticized a preliminary bank charter granted to World Liberty Financial, a Trump family venture, calling it an act of self-dealing.