Trump urges congress to pass fair version of Clarity Act as BTC breaks $70k and Coinbase, Strategy, other US crypto stocks surge
Updated: Sep 2
Bitcoin and US cryptocurrency stocks rallied sharply on Thursday after President Donald Trump increased pressure on Congress to approve landmark legislation designed to establish clearer rules for America's digital-asset industry. Speaking after a White House meeting with leading cryptocurrency executives, Trump urged lawmakers to advance the stalled Digital Asset Market Clarity Act.
Trump said, "Now we need Congress to take the next step by passing the Clarity Act, fair version of the Clarity Act."
The proposed legislation seeks to establish clearer definitions for when digital assets should be treated as securities or commodities, while clarifying the respective regulatory responsibilities of the Securities and Exchange Commission and Commodity Futures Trading Commission. The bill passed the House in 2025 but has stalled in the Senate.
Markets responded positively. Bitcoin gained around 3.8% and moved above $70,000, while Ether rose approximately 3.3%. Cryptocurrency exchange Coinbase advanced about 5.7%, while Bitcoin-focused Strategy gained 5.8%. Canaan jumped 12.5%, Circle rose 3.8% and Robinhood added around 1%.
US Tiger Securities analyst Bo Pei said, "Trump's comments yesterday are incrementally positive because they suggest the White House is putting more direct pressure on Congress to get the legislation done."
However, passage remains politically complicated. Some Democrats and Republicans have demanded stronger provisions preventing public officials from profiting from cryptocurrency ventures, amid scrutiny of Trump's family's digital-asset interests. Trump maintains that he has no day-to-day involvement in his family's businesses and that his investments are independently managed.
The push comes as the SEC separately proposes crypto-specific rules intended to provide entrepreneurs with what chairman Paul Atkins called "clear pathways to raise capital under federal securities law."
For crypto markets, permanent legislation would represent a more durable regulatory breakthrough than rules introduced solely by individual agencies.