In a significant development for the U.S. cryptocurrency landscape, former President Donald Trump has re-engaged in the ongoing debate regarding crypto market structure. He has pledged that his administration will establish a “future-proof” framework for digital assets, coinciding with a pivotal moment as the Senate prepares to address the CLARITY Act.
Trump’s announcement, shared through a post on Truth Social, indicates a clear shift in the White House’s approach to cryptocurrency regulation, moving away from the policies of SEC Chair Gary Gensler. This post marks the first time Trump has publicly commented on market structure since March, emphasizing the importance of the timing as the Senate Banking Committee recently advanced the CLARITY Act.
In his post, Trump asserted, “Gary Gensler and the ‘Anti-Crypto Army’ nearly DESTROYED the American Crypto Industry by driving Bitcoin, Crypto Perpetuals, and INNOVATION offshore, but ‘TRUMP’ SAVED IT. America is now the CRYPTO CAPITAL of the WORLD, and Builders and Entrepreneurs are coming BACK to the United States where they belong. Under my Leadership, we will codify a FUTURE-PROOF Digital Asset Market Structure that cannot be undone by the Crypto Haters.”
This strong assertion was echoed by CFTC Chairman Mike Selig, who praised Trump’s leadership, declaring, “Thanks to @POTUS’ leadership, America is the Crypto Capital of the World. Bitcoin, Crypto Perpetuals, and INNOVATION are Coming to America.”
The term “market structure” in Washington refers to the legal framework that dictates how crypto assets are classified—whether as securities or commodities—who regulates them, and how trading platforms and custodians are managed. This framework is crucial as it will influence registration pathways, disclosures, custody rules, consumer protection measures, and standards for market integrity.
The administration’s regulatory direction has been evident since Trump’s January 23, 2025 executive order, which called for the support of digital asset growth, self-custody, access to public blockchains, and clearer regulations regarding stablecoins. A subsequent report from the White House’s digital asset working group in July 2025 recommended that Congress enhance the CLARITY Act by granting the CFTC authority over spot markets for non-security digital assets while urging the SEC and CFTC to clarify rules concerning registration, custody, trading, and recordkeeping.
Significantly, the stablecoin component of this agenda has already been codified into law. Trump signed the GENIUS Act on July 18, 2025, which established the first federal regulatory framework for stablecoins, ensuring that they are backed by 100% reserves with liquid assets like dollars or short-term Treasuries.
However, the broader market-structure legislation remains contentious. The House passed the Digital Asset Market Clarity Act, also known as the CLARITY Act, in July 2025 with bipartisan support. The Senate Banking Committee further advanced its version on May 14, 2026, yet it still faces a challenging path to a full Senate vote.
Crypto’s CLARITY Act Heads Toward Senate Fight
The Senate’s version of the CLARITY Act proposes to create a category for ancillary assets, mandate initial and semiannual disclosures for specific transactions, and introduce a “Regulation Crypto” exemption from SEC registration for certain offerings. It also aims to classify digital commodity brokers and exchanges as financial institutions under the Bank Secrecy Act, incorporating anti-money laundering (AML) protocols.
Trump’s reference to “crypto perpetuals” highlights another element of his regulatory agenda, focusing on integrating offshore derivatives trading into regulated U.S. markets. Selig noted earlier this year that perpetual contracts are increasingly utilized for risk management and price discovery, an area where the previous administration fell short.
Despite these advancements, challenges remain. Critics argue that the proposed AML provisions are insufficient, and there are concerns about potential conflicts of interest for political figures involved in the crypto space. Additionally, banking groups are wary of language surrounding stablecoin yields, fearing it may lead to competition for deposits based on rewards for stablecoin holdings.
The legislative timeline adds another layer of complexity. While the CLARITY Act has recently moved through the Senate Banking Committee, it has yet to secure a full Senate vote and must navigate various unresolved issues, including AML rules, stablecoin incentives, and the delineation of authority between the SEC and CFTC.
With the Senate calendar tightening due to an upcoming summer recess and the looming midterm elections, the window for Republicans and pro-crypto Democrats to convert committee momentum into a finalized bill is rapidly closing. If not addressed soon, election-year politics could complicate the passage of this crucial market-structure legislation.
As of now, the total cryptocurrency market capitalization stands at an impressive $2.43 trillion, reflecting the dynamic and rapidly evolving nature of the crypto industry.
