U.S. regulators are set to meet key members of the crypto community on Tuesday, October 22. The agenda of this meeting is to discuss the crypto market structure strategy to present it to U.S. President Donald Trump. Ahead of the meeting, Senator Cynthia Lummins said this is a big day for digital assets.
The Digital Asset Market Clarity Act (CLARITY Act) will be the focus point for this roundtable discussion. Lummins is among other lawmakers to meet crypto biggies including Coinbase CEO Brian Armstrong, Galaxy CEO Mike Novogratz, and Chainlink CEO Sergey Nazarov for the discussions.
Ahead of the meeting, Lummins said, “Big day in Washington for digital asset market structure!”
David Sacks, the crypto and AI policy lead for President Trump will also be part of the roundtable to reinstate that finalizing the crypto market structure bill before the end of the year is among top priorities for the White House.
The guidelines will essentially establish clarity around jurisdictional status, asset classification, registration regimes, along with investor protection and disclosure rules.
Commenting on the development, Coinbase’s Armstrong said that more “CLARITY” will only help the industry.
“We’re keeping the pressure on in DC to pass comprehensive market structure legislation this year. Ask your Senator to vote yes. Crypto is counting on you,” Armstrong posted on X.
The CLARITY Act proposes to assign the Commodity Futures Trading Commission (CFTC) more oversight and control over the crypto market. The proposal is currently facing disagreement among House Republicans/pro-crypto Democrats and multiple Senate Democrats/SEC/consumer protection groups.
The SEC is among critics of the present proposal who argue that transferring primary market oversight from the SEC to the less-resourced CFTC commodities framework, could weaken investor protection. Back in September, a group of Democratic senators in the US Congress expressed their willingness to collaborate with Republicans on legislation aimed at establishing a digital asset market structure.
Kraken CEO David Ripley and Solana Policy Institute President Kristin Smith are also among other crypto moguls to be part of the roundtable in Washington.