Washington DC - President Donald Trump recently hosted cryptocurrency executives at the White House as he faces criticism for making huge profits on the industry while in office.
According to Reuters, several top executives attended the event on Wednesday, including Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi, and Intercontinental Exchange CEO Jeffrey Sprecher.
While speaking during the event, Trump urged Congress to "take the next step" and pass the Clarity Act, sweeping legislation that seeks to define which tokens qualify as securities versus commodities, and which agencies have oversight of the sector.
He argued the industry has been stifled by "crippling regulations, brutal restrictions, [and] weaponization."
Prior to winning re-election, Trump often criticized crypto, regularly referring to it as a "scam," but in his second term, he and his family have launched meme coins and even their very own crypto firm called World Liberty Financial.
Last month, financial disclosures revealed that in 2025 alone, Trump made around $1.2 billion in income from his crypto activities. He later dismissed criticisms regarding the apparent conflict of interest, insisting that "everybody's profiting" from his time in power.
Several Democrats and Republicans have said they will refuse to back the Clarity Act if it does not include provisions that prohibit elected officials, including the president, from profiting off of crypto ventures while in office.
A recent Reuters/Ipsos poll found that the majority of Americans believe Trump and his family have inappropriately profited from the crypto sector and that his policies have been shaped by his private business dealings.