President Donald Trump is set to host cryptocurrency executives at the White House on Wednesday to discuss industry regulation, according to reporting by Bitcoin Magazine.
The meeting brings together leaders from major crypto platforms including Coinbase, Payward (parent company of Kraken), and Blockchain.com. The timing coincides with stalled legislative efforts to establish a unified regulatory framework for digital assets.
Clarity Act stalls ahead of vote
The Clarity Act, a market structure bill that would govern crypto trading and asset offerings, faced delays and did not pass before Congress’s August recess. Lawmakers began mulling a new draft of the bill in July, with a vote now scheduled for September.
The bill’s text includes provisions addressing ethics, including bans on government officials promoting or profiting from cryptocurrency ventures. Pro-crypto lawmakers had hoped to pass the legislation before the August break.
SEC proposes competing framework
On Tuesday, the Securities and Exchange Commission proposed its own framework for crypto asset offerings, moving forward with regulation as the Clarity Act stalls in Congress. The SEC has taken a more friendly approach to regulating the crypto space under the Trump administration.
Since taking office, President Trump has passed pro-crypto legislation and high-profile lawsuits against crypto companies have been scrapped. Trump campaigned on helping America become the crypto capital of the world and received backing from major crypto players.
Some Democrats have criticized President Trump for alleged conflicts of interest regarding crypto ventures, citing reported income of $1.4 billion from his family’s cryptocurrency ventures. Trump and the White House have denied any wrongdoing.
