US President Donald Trump just hosted a high-stakes crypto summit at the White House, during which he once again called on the Senate to promptly pass the CLARITY Act so that America may maintain its financial dominance.
Notably, the event saw attendance from crypto and traditional finance executives in addition to federal regulators.
Crypto invitees included Coinbase CEO Brian Armstrong, Robinhood Markets CEO Vlad Tenev, Ripple CEO Brad Garlinghouse, Gemini Founders the Winklevoss twins, Chainlink Co-founder Sergey Nazarov and Kraken co-CEO Arjun Sethi.
Traditional finance participants were Chairman of the New York Stock Exchange (NYSE) Jeffrey Sprecher, in addition to representatives from Nasdaq, CME Group and the DTCC.
Regulators present were Chairman of the US Securities and Exchange Commission (SEC) Paul Atkins, and Chairman of the Commodity Futures Trading Commission (CFTC) Mike Selig. Also present was the White House Crypto Advisor Patrick Witt.
Regarding the CLARITY Act, Armstrong warned about pushback from the banks, saying they “don’t want the competition.”
Aside from that, Trump and the regulators touted the new innovative-friendly regulation initiatives and how they starkly contrast to the strict rules of the previous regime. Here, they noted 583 IPOs since Trump’s inauguration, raising a total of $208 billion or nearly 4x that of Biden’s era.
Trump also mentioned that the CFTC Chair was bringing Hyperliquid to the US, causing HYPE to rally 20.54% to trade at $70.55.
Regarding a national Bitcoin reserve, Trump said the US is considering buying “sizable” amounts of Bitcoin and other cryptocurrencies. He added that such a stockpile would take pressure off the US dollar.
Discussions also revolved around legal frameworks for tokenizing traditional assets, for prediction markets operations and for supporting artificial intelligence (AI) to stay ahead of foreign competition.
Notably, the meeting comes after a landmark SEC proposal for crypto offerings with lax securities requirements.
It also comes weeks before the September 15 vote on the CLARITY Act, amid higher odds of it becoming law before January 1 2027.
Source: Kalshi
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