Bitcoin Surges 12% Amid Trump's Renewed Push for Cryptocurrency Bill
US President Donald Trump's renewed push for a cryptocurrency bill has given Bitcoin a significant boost. The price of the asset surged more than 12% in two days, reaching above $72,383.99 and breaking through its June high. This increase comes after the Treasury announced it would double its buybacks of long-dated debt.
The bill, known as the Clarity Act, aims to define which tokens qualify as securities and which as commodities, dividing oversight between the SEC and CFTC. It has stalled in the Senate over ethics language that bars public officials from profiting from digital asset ventures.
Trump's call for lawmakers to pass a fair version of the bill during a White House event with crypto executives has put pressure on the Senate to move forward. The bill faces a procedural vote on September 15, and its passage is now at roughly 30% according to Bernstein.