# Trump asks congress to pass crypto bill framed as key to keeping US tech edge > Source: > Published: 2026-08-20 02:01:42+00:00 # Trump asks congress to pass crypto bill framed as key to keeping US tech edge He says the act is a ‘very powerful structured legislation’ which will keep the US ahead of China and ‘everyone else’ [WASHINGTON] US President Donald Trump pressed Congress to pass [digital asset market structure legislation](https://www.businesstimes.com.sg/international/us-senate-advances-landmark-crypto-bill-setting-post-recess-vote-september) that is a top priority for the industry, as he hosted cryptocurrency executives at the White House on Wednesday (Aug 19). Trump cast the so-called Clarity Act as critical to keeping the US edge in emerging technologies and was joined at the event by executives including Coinbase chief executive officer Brian Armstrong. Other executives present included Tyler and Cameron Winklevoss of Gemini Space Station, Arjun Sethi, the co-CEO of Payward, which operates the Kraken exchange, and Robinhood Markets CEO Vlad Tenev. “We need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act,” Trump said. “It’s a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.” Trump said the US was at the “very beginning of a revolution” in finance, with the “potential to create more jobs, opportunity, and wealth for all Americans”. While Trump has been a [champion for the crypto space in office](https://www.businesstimes.com.sg/international/trump-plans-designate-cryptocurrency-national-priority), pushing an industry-friendly regulatory approach, executives have expressed worries about cementing those gains with passage of the Clarity Act deadlocked in Congress. The bill has stalled in the US Senate amid a fight between Democrats and Republicans over ethics provisions spurred in part by Trump’s own involvement in the digital assets sector. Trump reported [earning $1.4 billion from crypto and memecoin-related ventures in 2025](https://www.businesstimes.com.sg/international/trump-reports-us26-million-foreign-real-estate-earnings-top-us1-4-billion-crypto-gains), with the haul proving to be the largest source of the president’s income. Federal regulators, however, are moving to fill the void with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) pushing out measures that could provide the crypto industry with more regulatory clarity. SEE ALSO The SEC has unveiled a [proposal to exempt certain digital asset offerings from securities registration statements](https://www.businesstimes.com.sg/companies-markets/banking-finance/us-securities-regulator-proposes-long-awaited-crypto-rules), measures it said would help companies at the startup and fundraising stages of growth. CFTC chairmen Michael Selig and SEC chairman Paul Atkins also joined Trump’s event. On Thursday, the CFTC is also set to hold the first meeting of its Innovation Advisory Committee. That group includes top executives from Coinbase, Robinhood Markets, as well as prediction markets Kalshi and Polymarket, among others. The Senate is expected to take the crypto market structure bill up again when they return in mid-September but that timeline only affords Congress a short runway to pass the legislation before November’s midterm elections. Industry leaders worry the lack of congressional action leaves them in a legal limbo that could slow the financial industry’s broad embrace of digital assets. Top crypto companies and industry groups have already spent millions of dollars on federal lobbying in the first half of 2026, according to a Bloomberg Government analysis from July of lobbying disclosures. BLOOMBERG Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. Share with us your feedback on BT's products and services [TRENDING NOW](/pulse?ref=trending-now) Singapore telco price war squeezes earnings, strengthens case for StarHub-M1 deal, say analysts Japan Home closing outlets; staff say Valu$ taking over operations How BYD disrupted Singapore’s car market – and why the strategy is turning on itself Singapore could gain edge over HK with broader asset management push