Crypto news

Washington is gearing up for a landmark event: next week, leaders of major cryptocurrency companies and prediction market operators will gather at the White House. According to my information, the meeting is scheduled for Wednesday, although the final guest list has not yet been confirmed. Representatives from the traditional financial sector are also expected to join the discussion, underscoring the growing intersection of digital assets with conventional markets.

This summit is just one part of a two-day dialogue between the industry and the authorities. The day before, a separate meeting with regulators will take place, giving the industry a unique window to directly convey its positions to those shaping federal rules. The administration of Donald Trump, which returned to the White House last year, has consistently demonstrated a pro-cryptocurrency course, and this move is yet another confirmation of a paradigm shift in attitudes toward digital assets.

Prediction Markets: From the Periphery to the Spotlight

Of particular interest is the focus on platforms for betting on real-world event outcomes. For a long time, these venues were on the regulatory sidelines, but now they are at the epicenter of legislative initiatives. Notably, this week, New York lawmakers have already launched an investigation into the advertising of such markets and their promotion among city residents. This signals that growing interest in the sector is inevitably accompanied by increased oversight.

CFTC Gathers Heavyweights

In parallel, the U.S. Commodity Futures Trading Commission (CFTC) will hold the first meeting of its new Innovation Committee in Washington on August 20. CFTC Chairman Michael Selig has formed an advisory body of 35 members, whose composition largely overlaps with the White House guests. Among them are Shane Coplan from Polymarket, Tarek Mansour from Kalshi, Brian Armstrong from Coinbase, and Brad Garlinghouse from Ripple. Also on the list are executives from CME Group, Nasdaq, DraftKings, and FanDuel.

This coincidence is not accidental. Federal courts have already sided with platforms in disputes over regional restrictions, as in the case of the ruling in favor of Kalshi in Minnesota. This creates a precedent that will likely be discussed at both events.

Legislative Background: The CLARITY Act

The key context for both meetings will be the Digital Asset Market CLARITY Act. It proposes a clear division of authority between the SEC and CFTC, defining which digital assets should be considered securities. The Senate Banking Committee approved the document in May (15 votes to 9), but it was never brought to a floor vote before the recess. Democrats oppose exemptions for Trump's crypto assets, while Republicans Josh Hawley and Jerry Moran are lobbying on behalf of local banks.

Supporters of the initiative need to gather 60 votes in the Senate, which is extremely difficult. In my assessment, the chances of the CLARITY Act passing this year remain low. However, Majority Leader John Thune has stated that the Senate will consider the bill among the first items upon returning from recess in September. Meanwhile, the SEC is already preparing its own rules for the crypto market in case the document fails.

My take: Company executives are heading to Washington not so much for legislative victories as for access to the executive branch. Getting direct contact with the administration is easier than mustering 60 votes in the Senate. The coming month will show whether this dialogue can shift the balance of power and accelerate the formation of clear rules of the game that the market so desperately needs.