Trump hosts White House crypto summit to advance CLARITY Act bill

President Donald Trump and top financial regulators hosted key figures in the cryptocurrency and digital assets industries at the White House Wednesday, with a major legislative priority for the administration and those industries nearing the finish line.

Cody Carbone, CEO of The Digital Chamber, attended the meeting and said in an interview with FOX Business the “main takeaway was that the U.S. is not going to slow down in its objective of becoming the crypto capital of the world.”

“There was a lot of talk about the CLARITY Act, this legislation that’s in front of us, and that there was a desire and need to get this done,” Carbone said, noting there is bipartisan support for the bill and that President Trump indicated he hopes to sign it into law in September.

“It was very clear from the president’s comments and from the discussion that the U.S. government and the Trump administration are not going to wait, necessarily, for legislation,” he said. “The SEC and the CFTC have been given the authority from this White House and the mandate to move very quickly.”

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President Donald Trump delivers remarks alongside financial regulators and leaders in the cryptocurrency and tech industries in the White House’s Roosevelt Room. (Alex Wong/Getty Images)

The CLARITY Act would establish legal definitions for digital assets, network tokens, digital commodities and more, while also creating mandates for regulatory agencies, including the SEC and CFTC, to regulate the sector without creating overlapping or contradictory rules.

“The biggest thing that the bill will do is durability. People need to understand that the regulatory framework that is going to be created by the CLARITY Act is not just going to be here for decades and decades to come,” Carbone said, noting it will help builders, issuers and platforms certainty about regulatory compliance.

“It’ll give retail investors, institutional investors more consumer protections, more disclosures,” he said. “When you pass clear rules of the road, like we saw with the GENIUS Act, the market responds immediately. The stablecoin market in the post-GENIUS Act world in the first year almost doubled overnight in the U.S. CLARITY will do that for the rest of the market.”

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The Digital Chamber CEO Cody Carbone said the meeting included a focus on U.S. innovation in digital assets and other aspects of tech, such as AI. (Al Drago/Bloomberg via Getty Images)

The Senate is expected to begin the procedural process of considering the CLARITY Act in mid-September, when the upper chamber is scheduled to be in a three-week session before a lengthy recess in October ahead of the midterm elections in…