Senior U.S. cryptocurrency executives met with Commerce Secretary Howard Lutnick to discuss the stalled Digital Asset Market Clarity Act, focusing on unresolved ethics provisions and ways the White House can help secure bipartisan support for the market structure bill.
According to reports citing sources familiar with the gathering, Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Kraken co-founder Arjun Sethi, and a16z crypto founder Chris Dixon attended the meeting prior to President Donald Trump's address to industry leaders at the White House.
The discussion centered on the economic case for establishing federal rules for digital assets, including potential benefits for U.S. employment and economic growth. Participants argued that clearer federal guidelines could encourage crypto founders and companies to build or return operations to the United States.
Key Obstacles and Ethics Provisions
The executives also addressed ongoing legislative roadblocks, specifically highlighting negotiations over ethics provisions that continue to stall bipartisan agreement. Because Senate Republicans require Democratic votes to reach the chamber's procedural threshold, unresolved conflicts of interest involving government officials remain a central point of friction.
Earlier in the legislative process, the Senate Banking Committee advanced a revised version of the bill following compromises on stablecoin rewards. However, major banking groups opposed the stablecoin terms, arguing restrictions did not go far enough, while Democratic opposition persisted regarding consumer protection and ethics safeguards.
White House Involvement
The meeting with Lutnick reflects the administration's ongoing direct role in digital asset legislation. The White House has previously convened lawmakers, law enforcement representatives, and industry figures to address crypto crime enforcement, developer protections, and conflict-of-interest language.
Negotiations continue as lawmakers work to reconcile provisions from the Senate Banking and Agriculture committees while managing anti-money laundering questions, decentralized finance rules, and developer protections.
