Trump held a cryptocurrency summit at the White House on Wednesday, pressed Congress to pass the CLARITY Act, and left open the question of further government Bitcoin purchases. The CLARITY Act is proposed federal legislation that would define which digital assets fall under the Securities and Exchange Commission and which fall under the Commodity Futures Trading Commission. Executives from Coinbase Global Inc., Robinhood Markets Inc., Ripple, and Kalshi attended alongside CFTC Chairman Michael Selig and SEC Chairman Paul Atkins.
What was said in the room
Trump called the U.S. the "hottest country" in the world for digital assets. He described the CLARITY Act as "a very powerful structured legislation which will keep us ahead of China." He also congratulated Selig for bringing Hyperliquid into the country "in a fully compliant and legal fashion." Hyperliquid is a decentralized exchange, meaning it operates without a central intermediary holding customer funds, and it specializes in perpetual futures contracts, bets on an asset's price with no expiration date.
When asked directly whether the government would accumulate more Bitcoin, Trump said the idea "has been talked about" and that he would defer to Atkins and the group for a recommendation. He said Bitcoin "has taken a lot of pressure off the dollar." Trump previously signed an Executive Order establishing a Strategic Bitcoin Reserve, directing officials to pursue budget-neutral strategies for acquiring additional $BTC. Budget-neutral means funded through reallocating existing government holdings rather than new congressional appropriations. No specific purchase amounts or timelines have been announced.
The Senate clock
Senate Banking Committee Chairman Tim Scott of South Carolina said the CLARITY Act has a "really good shot" of moving forward in September. A Senate procedural vote is on the calendar for September 15. A procedural vote is a motion to allow debate; it is not a final passage vote. The remaining obstacle is an ethics provision tied to the Trump family's own cryptocurrency interests, and that provision was unresolved as of Wednesday.