U.S. President Donald Trump has renewed pressure on Congress to pass the CLARITY Act, while revealing that Commodity Futures Trading Commission Chair Michael Selig is working on a pathway that could bring Hyperliquid into the United States under a compliant regulatory framework.

Speaking at a White House gathering on August 19 alongside leading crypto executives and federal regulators, Trump called on lawmakers to approve a “fair version” of the CLARITY Act. The event brought together Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi, Intercontinental Exchange CEO Jeffrey Sprecher, SEC Chair Paul Atkins, CFTC Chair Michael Selig and White House crypto adviser Patrick Witt.

White House Puts CLARITY Act Back in Focus

Trump's latest comments place the CLARITY Act back at the center of Washington's crypto debate. EtherWorld previously explained the proposed framework in CLARITY Act Explained: Inside America's New Crypto Rulebook, including how the legislation could reshape oversight of exchanges, token issuers and other digital-asset businesses.

Progress has already been made in Congress. The legislation advanced through committee earlier this year, as covered in Senate Advances CLARITY Act for Crypto Regulation, before being formally added to the Senate Legislative Calendar. EtherWorld tracked that development in CLARITY Act Moves to Senate Legislative Calendar.

Lawmakers have debated safeguards covering conflicts of interest involving federal officials and their crypto activities. A revised version of the legislation included restrictions on federal officials sponsoring digital assets for personal profit, which EtherWorld covered in CLARITY Act Just Added a Major Ban on Federal Officials.

Reuters reported that those ethical concerns remain one of the major barriers to final passage. Some lawmakers have indicated they will not support the legislation unless strong protections against political self-enrichment remain in the final bill.

The renewed push is significant because industry participants want legislation that survives changes in presidential administrations rather than depending entirely on rules introduced by whichever SEC or CFTC leadership happens to be in office.

The broader difference between America's two major crypto regulatory initiatives is explored in EtherWorld's GENIUS Act vs. CLARITY Act: What Is the Difference?. While the GENIUS Act focuses primarily on payment stablecoins, CLARITY seeks to establish rules for the wider digital-asset market.

Hyperliquid Could Get a Path Into the U.S.

Hyperliquid has emerged as a major decentralized perpetual futures venue, allowing users to trade leveraged crypto markets directly through blockchain infrastructure. Unlike conventional futures contracts, perpetual futures do not expire. Instead, funding payments between traders help keep contract prices aligned with underlying spot markets.

EtherWorld previously examined Hyperliquid's rise when Binance founder Changpeng Zhao praised its wallet-based model in CZ Praises Hyperliquid's No-KYC Crypto Model. The platform's growth is part of a wider transformation in crypto derivatives.

Yet U.S. access has historically been much more restricted. Coinbase itself initially built a separate international derivatives venue to serve eligible non-U.S. customers, a development covered by EtherWorld in Coinbase Launched Coinbase International Exchange.

We are so back! 👏 https://t.co/nNQgrrd01A

— CZ 🔶 BNB (@cz_binance) August 19, 2026

SEC & CFTC Push Ahead While Congress Stalls

The SEC and CFTC are increasingly using their existing authority to create crypto-specific regulatory pathways. On August 18, the SEC proposed a new framework that could exempt certain token offerings from conventional securities requirements while creating clearer routes for crypto companies to raise capital.

The proposal includes exemptions for qualifying offerings and a potential safe-harbor structure for certain digital assets. SEC Chair Paul Atkins said the objective is to provide market participants with clearer pathways under federal securities law.

Selig has repeatedly argued that the U.S. needs clearer market rules. EtherWorld previously covered his position in CFTC Chair Says U.S. Crypto Clarity Bill Closer Than Ever. Rules created by agencies can face lawsuits, be revised by future commissioners or be overturned after a change in administration.

Earlier negotiations around market-structure legislation even triggered disagreements within crypto itself. EtherWorld documented some of those tensions in Crypto Bill Delay Risks Harsher Regulation, White House Advisor Says.

Stablecoin regulation offers another example of why passing legislation does not immediately resolve every question. Even after the GENIUS Act established a federal framework, implementation details remained unfinished, as explained in GENIUS Act Rules Still Await Final Approval.

What This Means for U.S. Crypto Markets

Trump's broader approach has included executive action, support for digital-asset legislation and efforts to position the United States as a global crypto hub. EtherWorld previously examined this policy shift in Inside Donald Trump's New Crypto Playbook.

The Hyperliquid development adds another layer. Until now, much of the regulatory conversation has focused on token classification, spot exchanges, stablecoins and institutional custody. Creating a pathway for decentralized perpetual markets would push U.S. crypto regulation deeper into sophisticated onchain financial products.

Today’s message from @POTUS was clear: This Administration is committed to passing the Clarity Act — answering voters’ call for consistent rules for crypto.

Regulators @SECPaulatkins and @chairmanselig are aligned, Congress has set a date, and the entire industry is ready to get… pic.twitter.com/iGfqbawSUE

— Brian Armstrong (@brian_armstrong) August 20, 2026

There are potentially major benefits. Allowing regulated derivatives infrastructure could bring trading activity and liquidity back into the United States, give participants clearer legal protections and reduce dependence on offshore venues.

But there are also substantial risks. Perpetual futures are highly leveraged products capable of producing rapid liquidation cascades during volatile markets. EtherWorld examined these structural risks in Jane Street Accused of Crypto Market Manipulation, highlighting how leverage can amplify price movements when positions are forcibly liquidated.

That philosophy closely matches the government's broader digital-asset policy, which has argued that American entrepreneurs should be able to build blockchain businesses domestically under predictable rules. The next major question is whether Congress can turn that regulatory direction into permanent law.

If Congress fails to act, agencies will continue carrying much of the regulatory burden themselves. Either way, Trump's White House event suggests that the next phase of U.S. crypto policy will extend well beyond Bitcoin and spot trading.

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Related Articles

1. CLARITY Act Explained: Inside America’s New Crypto Rulebook
2. CLARITY Act Just Added a Major Ban on Federal Officials
3. Senate Advances CLARITY Act for Crypto Regulation
4. GENIUS Act vs. CLARITY Act: What Is the Difference?
5. CFTC Chair Says U.S. Crypto Clarity Bill Closer Than Ever

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