- Trump, a vocal cryptocurrency advocate who has promised to make the U.S. the "crypto capital of the world," called on lawmakers to pass a "fair version of the Clarity Act," an industry-backed bill stalled in the Senate.
- Executives from Coinbase, Robinhood, Kraken, Chainlink Labs, Gemini and the Intercontinental Exchange joined Trump at the White House ahead of the first meeting of the Commodity Futures Trading Commission’s Innovation Advisory Committee.
- Bitcoin rose 3.4% and pushed through resistance levels that had held since early June, moving past the $70,000 mark to highs of about $71,700.
- Ether gained 3.3%, its highest level in over three months.
- Cryptocurrency and blockchain-related stocks surged in premarket trading on Thursday after U.S. President Donald Trump established clear rules for the digital asset sector, following a White House meeting with industry executives.
- Brian Armstrong cited the creation of a Strategic Bitcoin Reserve, enactment of the GENIUS Act and the appointment of pro-innovation regulators, and said the next major step was passage of the CLARITY Act, with a congressional vote expected on September 15.
- The act, if enacted, would define whether cryptocurrency qualifies as a security or a commodity, clarifying jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission over the sector.
- Industry executives and analysts say that without legislation, regulations are vulnerable to shifting political winds and court challenges.
- However, many Democrats, and some Republicans, say they would not support a bill without strong language banning political officials, including Trump, from profiting from their own crypto ventures.
President Trump hosted major cryptocurrency executives at the White House, advocating for lighter regulations and the passage of the Clarity Act. Executives from Coinbase, Robinhood, and others expressed support for Trump's policies, which they believe are revitalizing the U.S. crypto market.267
Coinbase co-founder Brian Armstrong emphasized that Trump recognized the need for clearer digital-asset rules, stating, “He made a commitment at that time to make America the crypto capital of the world and within weeks of taking office, delivered on that promise.” He highlighted the importance of the Clarity Act, which aims to define the status of cryptocurrencies and clarify regulatory jurisdiction between the SEC and CFTC.
Trump's meeting coincided with a significant surge in cryptocurrency values, with Bitcoin rising 3.4% to surpass $70,000, and Ether gaining 3.3%. This uptick reflects optimism following the establishment of clearer regulations for the digital asset sector.34
Industry leaders, including Robinhood CEO Vlad Tenev, called for broader access to investments through tokenization, arguing that “too much economic value is being created before ordinary investors get a chance to participate.” Despite bipartisan support, some lawmakers express concerns over potential conflicts of interest regarding political figures profiting from crypto ventures.
The Clarity Act's passage is seen as crucial for ensuring the stability of the crypto market amid shifting political landscapes.
As the crypto sector continues to evolve, the implications of Trump's policies and the potential for future legislation remain a focal point for investors and industry stakeholders alike.
“Coinbase co-founder Brian Armstrong said Trump's promise to make America the crypto capital of the world was delivered within weeks of taking office, citing the Strategic Bitcoin Reserve and GENIUS Act. He expects a congressional vote on the CLARITY Act on September 15, calling it a true bipartisan compromise.”
