President Trump backed the CLARITY Act at a White House meeting with cryptocurrency executives on August 19, urging Congress to pass a "fair version" of the bill to keep the U.S. competitive with China ahead of a Senate procedural vote set for mid-September.
Trump spoke alongside leaders from Coinbase, Kraken, Robinhood and Ripple, as well as the chairs of the SEC and CFTC. The legislation, which cleared the House in 2025, would place most tokens under CFTC oversight instead of SEC jurisdiction. A Senate cloture motion is scheduled for September 15, a procedural step that would determine whether the bill advances to a floor vote.
Trump also referenced the Strategic Bitcoin Reserve, which the federal government created by executive order in 2025 using seized assets. When asked whether the government might expand its Bitcoin holdings, Trump said such acquisitions "have been talked about" and that he would listen to recommendations from advisers. He did not announce a new purchase program at the meeting.
Bitcoin climbed above $70,000 for the first time since early June following the announcement, briefly approaching $73,000 and posting double-digit gains. The CLARITY Act has faced resistance from securities industry groups and some SEC officials who argue it strips the agency of jurisdiction over digital assets traded in secondary markets.
The bill's House passage last year marked the first time either chamber voted to substantially rewrite crypto oversight since the 2010 Dodd-Frank Act. Passage in the Senate would require all 50 Republicans plus at least 10 Democrats, a threshold that depends on whether Democrats maintain their current opposition or shift positions ahead of the September procedural vote.
Trump's endorsement carries weight with the Republican-controlled Congress, though the White House has not committed to a formal legislative push. The timing aligns with the 2026 midterm campaign season, when both parties face incentives to court crypto donors and executives who have become significant political contributors.
The September 15 Senate vote will test whether the meeting and Trump's backing translate into the 10 Democratic crossovers needed for passage. If all 50 Republicans vote for cloture and fewer than 10 Democrats join them, the bill stalls without reaching a floor vote.
