Trump Pushes Congress on the Clarity Act as Coinbase and Circle Stocks Jump

On Wednesday, August 19, President Donald Trump gathered crypto industry executives at the White House and publicly urged the Senate to pass the Clarity Act, the digital asset market structure bill. Trump said the legislation would keep the country ahead of China on industry regulation. Markets reacted almost immediately, with shares of related companies rising during the trading session. According to CoinDesk, executives from Coinbase, Ripple and Gemini were among those present at the meeting.

A Meeting Near the Oval Office

Trump hosted executives from several tech-forward sectors ahead of the first meeting of the CFTC's Innovation Advisory Committee this week. The president directly called on the Senate to pass a "fair version" of the Clarity Act. The bill splits oversight of digital assets between the SEC and the CFTC, a boundary that has been the main source of uncertainty for exchanges and token issuers in the US for years. That is exactly why the industry spent years pushing for one dedicated law instead of scattered guidance from regulators. Until now, companies often learned where the line sat only after an SEC or CFTC lawsuit rather than before launching a product, and that uncertainty is exactly what the Clarity Act was meant to remove.

Trump also said CFTC Chair Mike Selig is working to bring Hyperliquid into the US market "in a fully compliant and legal fashion." The HYPE token jumped more than 10% within hours of the remark. In parallel, the Office of the Comptroller of the Currency promised to finalize its GENIUS Act stablecoin rules by November, meaning several regulatory tracks are moving in Washington at once. For the market, that means part of the new rules will take effect in the coming months even if the Clarity Act vote slips.

Exchange and Stablecoin Stocks Climbed

The sharpest gains came from companies whose business depends directly on regulatory clarity. Coinbase (COIN) and Bullish (BLSH) shares rose about 8%, while Circle (CRCL), the issuer of the USDC stablecoin, gained nearly 10%. Investors bought these stocks ahead of a key procedural vote scheduled for September 15. That procedural date determines whether the bill even reaches a full Senate debate, which is why traders are watching it more closely than any single politician's remark.

The market is betting the bill will actually reach a vote instead of stalling in committee for months. Stock optimism does not guarantee passage though. The coming weeks will show whether the morning rally was justified and whether exchange stocks hold their gains past September 15.

The September Vote Is Not Guaranteed

Not everyone shares the White House's optimism. Democratic Sen. Ruben Gallego said Congress can still "land this plane," referring to the bill's passage, but warned that a rushed vote could set the legislation back. He said the White House still has not given point-by-point feedback on a bipartisan ethics proposal, and without that agreement, the September timeline is at risk. Gallego sits on the Senate's relevant committees, so his read carries weight among fellow lawmakers.

Solana Policy Institute CEO Miller Whitehouse-Levine offered an even harsher read. He called the bill's status "August recess purgatory" and put its odds of passing before the midterms at just 10%. In his view, the industry cannot afford to keep waiting on Congress, so regulators should act on their own instead of waiting for a political compromise. The main risks facing the September timeline come down to a few points:

• An unfinished ethics deal between lawmakers could block the procedural vote before it even officially starts.
• Congress's August recess leaves lawmakers little time to align positions before the September 15 deadline.
• The midterm elections will shift lawmakers' priorities well before the year is out.

Who Is Betting on Passage

On the other side stands White House crypto adviser Patrick Witt, who called himself "optimistic and bullish" ahead of the first planned vote. He acknowledged that the fight over stablecoin regulation has flared up again and remains one of the bill's toughest sections. That fight centers on a long-running dispute between banks and the crypto industry over whether stablecoin issuers should be allowed to offer yield to token holders. It is a question that has split the industry since the GENIUS Act passed: banks worry about deposit outflows, while crypto firms argue that banning yield will simply push users toward offshore platforms outside US jurisdiction.

Ripple Chief Legal Officer Stuart Alderoty called September 15 a "bellwether" for the entire market structure bill and warned the US could miss an incredible opportunity. The company is watching closely, since the final text of the law will determine the status of XRP and other tokens still stuck in a regulatory gray area. Banking lobbyists are backing the bill too. American Bankers Association president Rob Nichols said the group wants to strengthen the Clarity Act, not kill it, before the final Senate vote takes place.

The SEC Is Not Waiting on Congress

While the Senate stalls, the Securities and Exchange Commission decided not to wait for lawmakers. The agency proposed its own rules that would give companies a safe harbor from having tokens treated as "investment contracts" under certain conditions. It is a parallel regulatory track that will keep moving regardless of whether the Clarity Act gets the votes it needs in September. For the market, the SEC's move signals that agencies are ready to move on their own even if Congress keeps stalling on the bill.

The broader market backdrop helps. Bitcoin is holding above $68,000 after renewed demand for risk assets. Right now, political signals from Washington matter more to the market than usual, and the weeks leading up to September 15 will show whether the White House's rhetoric turns into actual votes in the Senate.