Treasury's Buyback Boost Fuels Crypto Rally Amid Trump's Push for Clarity Act

The U.S. Treasury Department's decision to double buyback sizes for long-duration debt gave cryptocurrency-related stocks a boost on Thursday.

Crypto shares surged, fueled by short-covering and possibly encouraged by U.S. President Donald Trump's show of support for crypto legislation.

Trump called on Congress to pass the Clarity Act, which would clarify jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission over the sector.

The Treasury's intervention provided short-lived relief for bonds, but was seen as a positive signal for crypto analysts.