According to Solana Policy Institute President Kristin Smith, the meeting will be held on Thursday at 21.30 Turkish time with the participation of Republican senators Bernie Moreno and Cynthia Lummis, White House crypto advisor Patrick Witt and White House Chief of Staff Susie Wiles. The meeting comes as lawmakers are negotiating ethics language to address concerns about Trump and his family's crypto ventures. Smith stated that the aim was to present some ideas to Trump on ethics and get his approval, and said that this was extremely positive.
Smith described the meeting as critical to the passage of the legislation. A crypto industry source also said that progress on the CLARITY Act depends on Thursday's meeting. According to the source, Trump's personal attendance at the meeting shows that the president intends to reach a compromise.
The Senate is working quickly to pass legislation in the next few weeks that would comprehensively regulate digital assets at the federal level for the first time. According to various reports, Senate majority leader John Thune wants to submit the legislation to a full vote before the August recess. The updated law text is expected to be published before the weekend.
One of the biggest obstacles to the law has been the question of whether an ethics provision should be included in the text. For months, bipartisan negotiators have debated provisions that would limit how presidents, vice presidents, members of Congress and federal officials can profit from digital assets while in office. These negotiations were further fueled last month when Trump's financial disclosure revealed hundreds of millions of dollars in crypto income linked to his family's company, World Liberty Financial.
Democrats from Elizabeth Warren to Chris Murphy argue that an ethics provision is essential. On Tuesday, senators Chris Van Hollen, Chris Murphy and Jeff Merkley held a press conference opposing the CLARITY Act, with attendees holding signs saying "Stop Trump's crypto fraud." Van Hollen said no crypto bill should be allowed to advance in the Senate without addressing ethical concerns.
Republicans, on the other hand, gave the message that negotiations on the ethics provisions were continuing. Sen. Cynthia Lummis opposed a proposal that would allow state attorneys general to sue an elected official, while saying lawmakers are working on the issue. Lummis said that the blind trust method, in which management authority is transferred, is still being evaluated. Smith remained optimistic on Wednesday and stated that although he thought the law would not be passed for a long time, he believed that the process could be completed this time.