Donald Trump welcomed crypto executives to the White House last month with a roll call of flattery: Coinbase Global Inc. Chief Executive Officer Brian Armstrong was “one of the greats,” the president said, and Gemini Space Station co-founders Cameron and Tyler Winklevoss were “tremendous investors, brilliant people.”

It was clear that crypto’s top executives had the world’s most powerful ally in their corner. But Trump wasn’t there just to sing their praises. He was urging Congress to support a landmark bill, the Clarity Act, that could supercharge the virtual-asset industry and further integrate it into the financial mainstream.

President Donald Trump speaks during a meeting with crypto and prediction market executives…