Key Background

On Wednesday evening, Trump hosted several crypto executives for an event at the White House, a day before the Commodity Futures Trading Commission is set to hold its first meeting of its Innovation Advisory Committee. At the event, Trump called on Congress to pass the long-stalled CLARITY Act, which is backed by the crypto industry and will establish legal guidelines on digital assets. The president said: “We need Congress to take the next step by passing the CLARITY Act, a fair version of the CLARITY Act…It’s a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.” After the event, the crypto market saw a major surge, with bitcoin rising past…