President Donald Trump on Thursday renewed his support for the U.S. crypto industry on Truth Social, promising a “future-proof” market structure immune to reversal by “crypto haters.” For the first time since returning to office, Trump publicly mentioned crypto perpetuals, criticizing former SEC Chair Gary Gensler and past regulatory policies for pushing “Bitcoin, Crypto Perpetuals, and innovation” overseas. He claimed builders and entrepreneurs are now returning to the United States under his administration.
First Presidential Mention of Perpetuals Signals Policy Shift
Trump said previous regulators drove digital asset businesses offshore through restrictive enforcement. He added that his administration plans to codify digital asset rules to support long-term market operations, dubbing the U.S. the “crypto capital.” Perpetual futures — derivative contracts with no expiration — dominate global crypto trading volumes, yet most trading currently happens on non-U.S. exchanges such as Binance and Bybit. Trump’s statement marks the first high-level endorsement of perpetuals from the White House.
CLARITY Act Faces Political Headwinds
Senator Cynthia Lummis warned that the CLARITY Act is under growing pressure in Congress. She said software developers could face prosecution again if the bill fails to pass. Political tensions have complicated negotiations, including a proposal to restrict elected officials from trading digital assets while in office.
According to journalist Eleanor Terrett, the bill will compete for Senate floor time when lawmakers return in June. Congress must also handle border security talks, a housing package, the farm bill, and the June 12 FISA deadline. TD Cowen analyst Jaret Seiberg warned that political disagreements could delay progress on the legislation this year.
Perpetual Regulation Accelerates as Exchanges Move In
The Commodity Futures Trading Commission (CFTC) requested comments on crypto perpetual derivatives in April 2025. Shortly after, Bitnomial self-certified the first U.S. perpetual futures contract. CFTC Chair Michael Selig hinted at a broader regulatory framework within weeks. Kraken and Coinbase have expanded plans for U.S.-based perpetual trading products.
Prediction market odds reflect weakening confidence in the CLARITY Act: Kalshi odds for passage before 2027 dropped below 50%, from nearly 75% earlier.