President Trump on Wednesday pressed lawmakers to pass the Clarity Act, the long-stalled bill that would classify digital assets, and hinted the U.S. government might eventually buy more bitcoin. Speaking at a White House meeting with crypto executives, Trump said the legislation would keep America ahead of China and suggested he's open to expanding the nation's bitcoin holdings.
What the Clarity Act would do
The bill, which passed the House last year but has been deadlocked in the Senate, would set up a framework for deciding whether a digital asset is a security, a commodity, or a payment stablecoin. That clarity has been a top ask from the industry, which argues the current patchwork of enforcement actions is driving innovation offshore. Trump framed it as a competitive necessity.
“We're ensuring that America remains the undisputed leader in not only Bitcoin and crypto, but also technologies like prediction markets, artificial intelligence and much more,” he said.
Bitcoin reserve talk
Trump's remarks on bitcoin accumulation were more measured. He noted the idea has been discussed and that bitcoin has taken pressure off the dollar. “It's been very, very good for the dollar,” he said, adding that if regulators came with recommendations, “I would certainly listen.”
Last year, Trump signed an executive order creating a strategic bitcoin reserve. That order only covers bitcoin already in government hands, mostly seized in law enforcement actions, and prohibits selling it — but it doesn't commit the U.S. to buying more. His latest comments suggest that could change, though he stopped short of promising any purchases.
The delay and the yield fight
The Clarity Act's path to a vote has been anything but smooth. It was expected to come up in August but will now wait until September. The holdup? A clash between the banking lobby, lawmakers, and crypto businesses over whether platforms like Coinbase should be allowed to pay customers yield on their holdings. That fight has split the coalition that originally backed the bill.
There's also an ethics wrinkle. Some lawmakers pushed to change the bill's wording, and a separate measure circulated in July would ban government officials from promoting crypto or making money off it. Pro-crypto Republicans accuse Democrats of playing politics and stalling the bill. Democrats and other critics say it still doesn't go far enough to protect consumers.
Trump didn't address the specifics of the yield dispute or the ethics language on Wednesday. But his public push — and the fact that he gathered executives at the White House — signals the administration wants the bill done. The question is whether September brings a vote or more delays.
