- Several crypto executives gathered at the White House on Wednesday for an event a day before the Commodity Futures Trading Commission (CFTC) is set to hold its first meeting of its Innovation Advisory Committee.
- At the event, Trump urged Congress to pass the long-stalled CLARITY Act, saying: “We need Congress to take the next step by passing the CLARITY Act, a fair version of the CLARITY Act…It’s a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.”
- Bitcoin led a rally in major cryptocurrencies and inched back above $71,000 late on Wednesday after President Donald Trump hosted top crypto industry executives and called on Congress to pass the stalled cryptocurrency legislation known as the CLARITY Act.
- The price of bitcoin rose to $71,834, up more than 11.5% from Tuesday’s price, marking the first time bitcoin has breached $70,000 since early June.
- Ether rose to $2,261.26, up more than 18.3% compared to Tuesday, while other major cryptocurrencies also saw gains: Solana’s SOL rose 11.5%, Binance’s BNB 4.3%, XRP 10.6%, and DOGE 7.3%.
- A version of the CLARITY Act was passed by the House in July last year but remains stalled in the Senate; it would allow a majority of crypto tokens to be classified as “digital commodities” and be regulated by the CFTC, while some tokens would be classified as securities under the SEC.
Bitcoin's price surged to $71,834, marking an 11.5% increase, following President Trump's meeting with crypto executives at the White House.156
Trump called for the passage of the CLARITY Act, which aims to classify most crypto tokens as "digital commodities" regulated by the CFTC.2391011
“We need Congress to take the next step by passing the CLARITY Act,” Trump stated, emphasizing its potential to keep the U.S. ahead of China in the crypto space.
The event included notable figures like Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev, highlighting the industry's support for the legislation.
The CLARITY Act, which passed the House in July 2022, remains stalled in the Senate, despite its backing from key industry players.
Other cryptocurrencies also saw significant gains, with ether rising over 18.3% to $2,261.26, and tokens like Solana and Binance's BNB experiencing boosts of 11.5% and 4.3%, respectively.78
This rally marks the first time Bitcoin has surpassed $70,000 since early June, reflecting renewed investor confidence in the crypto market.
“The event preceded the CFTC's first Innovation Advisory Committee meeting, and the guest list included Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev. The CLARITY Act, passed by the House last July, would classify most tokens as digital commodities under the CFTC, with some as SEC-regulated securities.”
Forbes
