---
title: 'Official: Trump White House Agrees to Historic First Major Crypto Bill'
source: 'https://youtube.com/watch?v=aIzOwA9gAis'
video_id: 'aIzOwA9gAis'
date: 2026-08-06
duration_sec: 607
---

# Official: Trump White House Agrees to Historic First Major Crypto Bill

> Source: [Official: Trump White House Agrees to Historic First Major Crypto Bill](https://youtube.com/watch?v=aIzOwA9gAis)

## Summary

The video discusses the release of a new draft of the Clarity Act, a bipartisan crypto bill that includes a historic agreement with the White House to ban federal officials, including the president, from issuing digital assets. It also covers the bill's enforcement mechanisms, reactions from key figures, and additional crypto market news including bottoming signals and altcoin bankruptcies.

### Key Points

- **Clarity Act Draft Released** [00:01] — A new draft of the Clarity Act has been released, imposing limits on Trump's crypto and reflecting bipartisan compromise.
- **Agreement on Ethics** [00:14] — Republicans and the White House reached an agreement on ethics provisions, with only a few weeks left in the congressional schedule.
- **Ban on Federal Officials Issuing Digital Assets** [01:10] — The bill would ban federal officials, including presidents, from issuing their own cryptocurrencies, like Trump did with Trump coin.
- **Democratic Opposition** [01:24] — Senator Angela Alsobrooks criticized the White House proposal for DOJ enforcement as 'unserious' and said she won't support the bill if it's the only enforcement option.
- **Trump's Unprecedented Ethics Agreement** [01:53] — Patrick Witt noted that Trump is the first president in 250 years to agree to an ethics provision restricting his own conduct while in office.
- **Full Text of Clarity Act** [02:59] — The full text provides a clear federal framework, protections for US crypto owners, and the toughest illicit finance tools.
- **Coinbase CEO Support** [04:10] — Coinbase CEO expressed full support, saying the Clarity Act is ready for a full Senate floor vote.
- **Senator Lummis Support** [05:03] — Senator Cynthia Lummis praised the bill, stating history will remember this as a president choosing a higher standard of ethics.
- **Enforcement Mechanism** [05:34] — The bill directs the Attorney General to bring civil enforcement actions against violators of the ban.
- **Bottoming Signals** [06:18] — Satsuma Tech voted to sell all 668 Bitcoin and shut down, a sign of forced selling near the bottom.
- **Jack Mallers Steps Down** [07:13] — Jack Mallers stepped down as CEO of 21 Capital to focus on Strike, citing disagreements with the board.
- **Altcoin Bankruptcy** [08:14] — Movement Labs filed for Chapter 11 bankruptcy with less than $500,000 in assets, 98.5% down from its all-time high.
- **Solana DEX Volume** [09:14] — Solana's DEX volume beats all centralized exchanges except Binance, and has surpassed NYSE American for 13 weeks.

### Conclusion

The Clarity Act represents a historic step in US crypto regulation, with bipartisan support and unprecedented ethics provisions. The video also highlights market bottoming signals and the ongoing shift in crypto trading volumes.

## Transcript

one yard line? >> Wow, breaking news, a new draft of the Clarity Act has been released, and it would impose limits on Trump's crypto and it reflects a ton of work from both
compromise. >> I will read you the full text, how this affects you if you hold crypto. I also have altcoin news, watch today's whole video. But, as confirmed on CNBC today, there was an agreement yesterday between
Republicans and the White House on ethics with just a few weeks remaining >> Yeah, so Congress is really into crunch time when it comes to the Clarity Act. They have 2 weeks left in August, or 2 weeks left in July, and then they leave
few weeks in September, and then they're gone again for October, and then it's the election. So, you're really looking at a compressed schedule here. They have the defense bill. They have to fund the government.
It's a lot on their plate. So, it's just whether crypto sort of fits into that, get it across the finish line. >> So, the big compromise on this bill would ban federal officials, including presidents, from issuing digital assets,
meaning making their own cryptocurrency, like Trump did with Trump coin before he was elected. Now, some Democratic senators have already spoken out against this. For example, Senator Angela Alsobrooks said the White House proposal
to have the DOJ enforce the Clarity Act Act's ethics provisions is an unserious offer. She also said she will not support the bill if it's the only enforcement option, meaning the president wrote the text himself that
the DOJ, which she kind of controls, enforces, and that's unserious for them, the Democrats, to consider. Now, also in Trump's defense from pointed out by Patrick Witt, who is the executive director for the President's Council on
Crypto, he says, "For those wondering, here is a comprehensive list of all US presidents in our nation's 250-year history who have agreed to an ethics provision restricting their own conduct while in office, a list of one, Donald
J. Trump. Although, presidents do have an emoluments clause, which forces them to divest their assets, but I guess this would be the first one where the presidents can't launch their own token.
CNBC said this about it. >> So, there was an a reported agreement yesterday between Republicans and the White House on ethics, and that's mostly political figures. Think about the president trading crypto and stuff like
that, putting guardrails around that. But, at least as far as I've heard and as far as we've heard, Democrats were not privy to that deal. So, they still have concerns with this, they have some other concerns around maybe illicit uses
of crypto, restricting that. Um so, there's a lot that's sort of left on the that's going to get sorted out in this >> Let's review the full text of the Clarity Act because understanding this
affects you, but also understanding what's happening in quantum has big implications on crypto as well. So, sponsor of the channel, BTQ's, Q-Perfect, joins France's first public neutral atom quantum computing project.
So, this is BTQ Technologies, ticker BTQ, and big move for BTQ, its Q-Perfect subsidiary just joined France's flagship
Access, or maybe AccuCess, quantum program to build a hardware accurate program to build a hardware accurate digital twin of a 400-plus qubit neutral atom processor, meaning a lot of power behind this, a lot of the smartest minds
behind this. This is the kind of infrastructure that moves quantum from theory towards real use, meaning the quantum-ready blockchains will benefit significantly from things like this. And thank you BTQ Technologies for
sponsoring this section of today's video because the full text for the Clarity Act is this. The bipartisan work delivered is one clear federal framework, real protections for US crypto owners,
and the toughest illicit finance tools crypto's ever had. This is why Coinbase CEO put out a message this morning giving his full support to the new draft text saying, "The Clarity Act is ready for a full Senate floor vote. Let's
>> You have to remember that the status quo is not serving anyone in the US right now. There's no federal laws. We've seen bad actors like FTX harm customers. This bill is an opportunity to cement the consumer protections and get America
back on the forefront so it can lead in this industry. It also gives a lot of bad actors. So, thank you to all the Stand With Crypto members who have contacted their representatives. I think over 800,000 contacts have gone out now.
And we with fingers crossed, I think in the next few weeks we have a good chance floor. >> Senator Cynthia Lummis has also put out a statement giving this new draft her full support stating, "History will
remember this as the moment a president chose a higher standard of ethics than the law required of him." This agreement bans all federal officials, including the president, from issuing or sponsoring a digital asset for profit
with the real enforcement and real penalties. Let's pass Let's get the Clarity Act passed now. Here are the exact ethics requirements. Feel free to Here's Here's what the Democrats say is not good enough, yet what was offered.
with how this is enforced because anybody can say anything. How is this enforced? Well, it directs the Attorney General to bring civil enforcement actions against any covered individual who knowingly and willingly violates the
ban. I kind of think this is fair language. It seems good enough to me. And let's remember, the Clarity Act is on the one yard line today. We have 2 weeks left. If it drags beyond the midterm election, everything resets.
>> And if it drags out beyond this Congress, you're kind of starting from point A again. You're starting over because everything resets. So, you know, going to be critical. >> We also have some bottoming signals
happening. And of course, nobody can predict the exact bottom. We won't We won't know the exact bottom of Bitcoin until 6 months after it happens. until 6 months after it happens. But, in my 8 9-plus years of crypto,
these are bottoming signals. Shareholders of Mark Moss-backed British Bitcoin Treasury company, Satsuma Tech, SATS, has voted to sell all of its remaining 668 Bitcoin, return capital to
shareholders, and shut down the company. So again, the same entities that caused the hype, that bought the top, helped mark the top, which was the DATS, the Digital Asset Treasury frenzy buying at the top,
when they when the people that mark the top become now forced sellers near around the bottom, that's how bottoms are formed. And just that's how bottoms are formed. And just in, Jack Mallers steps down as the CEO
of his Treasury company, 21, to focus on his own Bitcoin company, Strike. Here is about 40 seconds of Jack Mallers' over 4-minute explanation. >> Hey everyone. I have decided to step down as the CEO of 21 Capital.
I wanted to tell you that myself, in my own words, because you deserve to hear it from me directly. When I helped start 21, I thought we had an opportunity to build something very specific. Not only a company built on
Bitcoin, not only a company built with Bitcoin on its balance sheet, but also a company with Bitcoin businesses producing cash flow built alongside of it. That was the vision that I believed in.
That is still the vision that I believe in. However, over time it became clear that the board and I did not agree on the path toward building for that vision. >> And another bottom signal, an altcoin is
>> And another bottom signal, an altcoin is dead. Movement Labs files for Chapter 11 bankruptcy with less than $500,000 in assets 18 months after targeting a $3 billion valuation. So, move move token
is dead. And if we look at where the token is trading today, 98.5% down from around when it launched all-time high. Also, it's interesting that Movement to the protocol generated near zero revenue and fees for months
before the bankruptcy. And DeFiLlama data shows daily app revenue stayed below $800, while daily chain fees fell to single digits for months since November. Which other altcoins do you think are in a
similar position generating near zero fees, providing near zero value, and have yet to call it quits yet? And quick piece of news for Solana, if you've made it this far in today's video, click subscribe. I update you every day with
one video on crypto making you an expert, keeping you informed. And Solana expert, keeping you informed. And Solana spot volume on Solana now beats every spot volume on Solana now beats every centralized exchange but one higher.
So, DEX volume on Solana is now also back up above Bybit again. Binance is the only sex with more spot volume. Also, Solana spot trading has now processed more spot volume than the New York Stock Exchange American for 13
straight weeks. Interesting to see the altcoins thriving before the Clarity Act passes. I look forward to seeing what happens to these altcoins if/when after click subscribe to stay informed. We are so close to hitting 1.66
million subscribers any day now. Could be you that pushes us pushes us over. be you that pushes us pushes us over. And like always, see you tomorrow.