U.S. crypto policy saw several major developments this week, with the Trump administration advancing the CLARITY Act, the SEC (U.S. securities regulator) proposing its first crypto-asset regulatory framework and the CFTC (U.S. derivatives regulator) warning it could act independently if Congress remains stalled. Trump met executives from Coinbase, a16z, Ripple and Kraken at the White House to discuss the bill's potential effects on U.S. jobs, innovation and the return of crypto companies. The main obstacle is a set of ethics provisions that Trump believes could target individuals, although industry representatives are seeking a bipartisan compromise. CFTC Chair Mike Selig called the CLARITY Act essential to reducing regulatory uncertainty and said the agency could use its existing authority to establish crypto-market rules. The SEC's proposed Regulation Crypto Assets could exempt certain crypto financings from full securities registration, including offerings of up to $5 million cumulatively over four years or $75 million annually, while providing a conditional safe harbor (limited protection from enforcement) for some token projects and potentially limiting certain state registration requirements. Separately, former Signature Bank Chairman Scott Shay launched N3XT Digital Dollar, or NDD, a dollar-deposit project designed to compete with stablecoins (tokens designed to track fiat currency). NDD runs on a public blockchain (an openly accessible digital ledger), supports around-the-clock dollar transfers and is backed one-to-one by cash and short-term U.S. Treasuries. Dragonfly partner Rob Hadick said crypto startup activity is recovering despite heavy AI investment, with prediction markets, institutional adoption and improved U.S. regulation potentially supporting the industry's next growth cycle.