Trump Defends Crypto Legislation at Mar-a-Lago, Criticizes Banking Interference
The U.S. Congress is advancing the CLARITY Act to define the respective authority of the Securities and Exchange Commission and the Commodity Futures Trading Commission over digital assets. Disputes including whether stablecoins should be treated as deposits have pitted the banking and crypto industries against each other, with implications for the direction of U.S. crypto regulation.
Trump recently told holders of the $TRUMP memecoin at his Mar-a-Lago estate in Florida that he would prevent the banking industry from obstructing the CLARITY Act and would build a regulatory framework that would be difficult to overturn. The second dinner for major holders drew 297 attendees, including boxing champion Mike Tyson and Tether CEO Paolo Ardoino. The $TRUMP token has fallen 96% from its peak.
All Coverage
4 original reportsThe Backstory
The history behind this eventTrump Veto Threat Over Voter ID Law Could Imperil Crypto CLARITY Act
The U.S. Congress is pursuing crypto-asset market-structure legislation, including the CLARITY Act, to clarify the division of regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill is still awaiting Senate consideration. If the legislative agenda becomes entangled in political disputes, the regulatory framework long sought by the industry could be delayed.
Trump recently refused to sign a housing bill containing a ban on central bank digital currencies and demanded that Congress first pass the SAVE Act, which would strengthen voter identity checks. He also threatened to veto other legislation until then. Analysts warned that if the CLARITY Act does not pass before April, its chances of becoming law within the year will fall sharply.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.