Crypto prices are rising this morning over renewed regulatory optimism following President Trump's White House meeting with crypto industry leaders yesterday. Joining me now for more on this, Yahoo Finance is Jennifer Schonberger. So Jen, does that mean the Clarity Act isn't dead after all?
Well, I think this means that the Trump administras- administration is trying to do everything they can to move forward and foster crypto in this country, as that legislation is actually stalled in the Senate. And as you said, the president convening a meeting on Wednesday with crypto executives, nearly two dozen where he again called on Congress to pass this key legislation which would establish long awaited rules of the road uh that would allow this industry to really uh foster in this country.
And uh the president said that executives really need to work with US regulators. There were nearly two dozen executives present at that meeting, including the CEOs of Coinbase, Robinhood, and the Winklevoss twins. Notably absent, however, were CEOs of the prediction markets. Also on hand were the chairs of the SEC and the CFTC.
And this meeting coming on the same day Wednesday that the Comptroller of the Currency, Jonathan Gould, announced that the OCC is going to be finalizing rules for issuance of payment stablecoins and that issuers will be able to start putting in applications in January to begin issuing these payment stablecoins.
And this is critical for for stablecoin issuance. This was put forth by the GENIUS Act that was passed last uh July that establishes a federal framework for regulating stablecoins. And this could also be a positive, believe it or not for banks, the way the OCC has proposed this rule, because it had earlier said that third parties would be barred from paying uh yield on stable coins.
Now, also this week, if that wasn't enough for you, the Securities and Exchange Commission also proposed a new rule that would allow startups to raise money through tokens without triggering securities laws. And this has been a long-outstanding gap, actually. And the SEC is now offering a roadmap for this, how one could raise money uh without triggering securities laws. They've offered some new exemptions there to try to grease the skids, if you will.
And then today, the Commodities Futures and Trading Commission is going to have its first ever uh Innovation Advisory Council meeting in which they are expected to talk about crypto, as well as prediction markets and AI. Julie.
Jen, thank you so much. So we'll see if anything actually comes out of all of this. Appreciate it. Yes.