President Trump urged Congress to pass crucial crypto legislation during a meeting with crypto executives at the White House on Wednesday. Trump, who earned $1.4 billion from his memecoin and crypto ventures last year, said the legislation would “keep us ahead of China, keep us ahead of everyone else” and “open the door to the next wave of innovations and innovators.”
The Clarity Act, which would represent the first regulatory framework expected to usher in wider acceptance of crypto, has stalled amid disagreement over ethics language that would prevent government officials from profiting off digital assets. It is scheduled for a procedural vote on Sept. 15.
Trump also said he understood that Mike Selig, chairman of the Commodity Futures Trading Commission, was working to bring decentralized crypto exchange Hyperliquid in to the U.S. “in a fully compliant legal fashion.”