Trump vows ‘future-proof’ rules for U.S. crypto markets

Former President Donald Trump wrote on Truth Social that he will push to codify a ‘FUTURE-PROOF Digital Asset Market Structure' for the United States. He blamed former SEC chair Gary Gensler and an ‘anti-crypto army' for driving bitcoin, crypto perpetuals and related innovation offshore and wrote, ‘TRUMP will NEVER let Crypto down.'

The Clarity Act, which aims to set federal rules for trading, custody and market structure for digital assets, passed out of the Senate Banking Committee earlier in May following months of negotiation. Lawmakers debated provisions including the regulation of stablecoins and rewards, which delayed the measure.

The version cleared by the Banking Committee must be merged with a separate market-structure bill advanced by the Senate Agriculture Committee in January before the full Senate can consider a single package. Benchmark analyst Mark Palmer noted the combined bill will likely need significant Democratic support to reach the 60 votes required to overcome a filibuster.

Researchers at investment bank TD Cowen wrote that recent conflict-of-interest concerns tied to Trump make it politically difficult for Democrats to back a crypto bill unless it includes standards that apply to the President. Jaret Seiberg, managing director at TD Cowen's Washington Research Group, wrote that such standards would be necessary.

Lawmakers have raised questions about reported ties between the Trump family and projects such as World Liberty Financial and certain prediction-market businesses. At the Banking Committee markup, Sen. Ruben Gallego voted to advance the Clarity Act but warned he would oppose the bill on the Senate floor unless conflict concerns are addressed.

Other senators and industry participants raised technical questions about enforcement, investor protections and how products such as perpetual futures should be treated under existing securities and commodities law.

If leaders of the two Senate panels can merge their texts and resolve outstanding policy and political issues, the consolidated bill would still face the Senate calendar and the procedural requirement of 60 votes to proceed. For now, the Banking Committee vote moves the legislative process forward while multiple policy and political issues remain unresolved.