Trump Urges Crypto Clarity Act; Bitcoin Exceeds $70,000
US President Donald Trump called for legislation to clarify digital asset rules, following a White House meeting. This spurred a market rally, pushing Bitcoin above $70,000 for the first time since early June.
The Call for Clarity
US President Donald Trump on Thursday urged Congress to pass legislation for the digital asset sector. His call followed a White House meeting with industry executives.
Trump, a vocal cryptocurrency supporter, seeks to position the US as the "crypto capital of the world." He specifically requested a "fair version of the Clarity Act," an industry-backed bill currently stalled in the Senate. This act would define cryptocurrencies as either securities or commodities.
This clarification would assign regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Industry figures argue that absent such legislation, regulations remain vulnerable to political shifts and legal challenges.
Market Reaction and Prior Precedent
The President's remarks immediately boosted cryptocurrency and blockchain-related stocks in premarket trading (trading before the official market open). Bitcoin, the world's largest cryptocurrency, rose 3.4 per cent, moving past $70,000 to approximately $71,700. This marks its highest level since early June. Ether also advanced 3.3 per cent, reaching a three-month high.
These gains reflect a similar market lift in July 2025, when the GENIUS Act established a regulatory framework for stablecoins. Reuters data shows these gains occurred despite a broader market decline this year; Bitcoin has lost about 18 per cent in 2026.
Industry Gains and Political Hurdles
Major crypto-related firms saw significant advances. Coinbase Global, a crypto exchange, climbed 8.4 per cent. Strategy, a bitcoin investment firm, rose 10 per cent. Crypto miners Riot Platforms, MARA Holdings, Hut 8, and Bit Digital each advanced between 3 per cent and 6 per cent. Canaan, a bitcoin mining machine manufacturer, surged 20 per cent.
Stablecoin issuer Circle gained 8 per cent, and retail trading platform Robinhood Markets climbed 5 per cent. However, the proposed Clarity Act faces political opposition. Many Democrats, and some Republicans, will not support the bill without strong language preventing political officials, including Trump, from profiting from their own crypto ventures. President Trump disclosed over $1.4 billion in earnings from his family's crypto ventures in 2025.
While the US regulatory push is domestic, its outcome influences global crypto markets, including those in Asia. Clearer US rules could stabilise market sentiment, potentially attracting more institutional capital globally. This may benefit Asian investors and firms operating in the digital asset space.
Many Asian jurisdictions, such as Singapore and Hong Kong, are also refining their crypto regulatory frameworks. A defined US approach could provide a reference point, potentially accelerating policy development across the region. Asian market participants should monitor the Clarity Act's progress for its wider impact on liquidity and operational certainty.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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