Cryptocurrency and blockchain-related stocks rallied on Thursday after U.S. President Donald Trump urged Congress to pass legislation establishing clearer rules for digital assets. The comments followed a White House meeting with cryptocurrency industry executives, with Trump calling for a “fair version” of the industry-backed Clarity Act.
The proposed legislation would clarify whether cryptocurrencies should be classified as securities or commodities and establish clearer regulatory jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Analysts said Trump’s renewed pressure on Congress could improve prospects for the bill, although concerns over political officials profiting from crypto ventures could complicate negotiations.
Bitcoin rose 3.8% to cross $70,000, while Ether gained 3.3% to reach its highest level in more than three months. Crypto-related stocks also advanced, with Coinbase up 5.7%, Strategy gaining 5.8%, Canaan surging 12.5%, Circle rising 3.8% and Robinhood adding 1%.
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